Contracts
A West Virginia real estate contract contains a financing contingency. If the buyer cannot obtain financing despite good-faith efforts, the buyer is typically entitled to:
AProceed to closing without financing
BA return of their earnest money deposit✓ Correct
CPay the seller a penalty equal to the earnest money
DForfeit the earnest money to the seller
Explanation
A properly written financing contingency in West Virginia protects the buyer by allowing them to recover their earnest money if they cannot obtain financing on the specified terms despite making good-faith efforts to do so.
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