Contracts
A West Virginia buyer submits an offer with a financing contingency. If the buyer cannot obtain financing, the buyer:
AMust purchase the property anyway
BForfeits the earnest money to the seller
CMay void the contract and recover their earnest money✓ Correct
DMust pay the seller a penalty equal to 5% of the purchase price
Explanation
A properly written financing contingency allows the buyer to void the contract and recover their earnest money if they are unable to obtain the specified financing within the contingency period.
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