Contracts
The WB-11 financing contingency in Wisconsin protects the buyer by:
AGuaranteeing the buyer will obtain a loan
BAllowing the buyer to void the contract if they cannot obtain specified financing✓ Correct
CRequiring the seller to hold a mortgage if the buyer cannot get a bank loan
DLimiting the interest rate the lender may charge
Explanation
A financing contingency allows the buyer to void the contract and recover earnest money if they are unable to obtain the financing described in the contingency within the specified timeframe.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA 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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Math Concepts
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