Contracts
A West Virginia contract contingency that requires the buyer to sell their existing home before closing is a:
AFinancing contingency
BInspection contingency
CHome sale contingency✓ Correct
DTitle contingency
Explanation
A home sale contingency makes the buyer's purchase conditional upon the successful sale of their existing property. If the buyer cannot sell their home within the contingency period, they may void the contract.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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