In WA, if a property is sold at auction, which of the following statements is correct regarding the Offer and Acceptance process?
Correct Answer
A) The contract is unconditional when the hammer falls, with no cooling-off period
In WA, a property sold at auction is unconditional upon the fall of the hammer. There is no cooling-off period (note: WA does not have a statutory cooling-off period for private sales either, unlike some other states). The buyer must sign the contract and pay the deposit immediately.
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