A buyer submits an offer with a condition for financing approval within 5 business days. What happens if the buyer cannot secure financing by the deadline?
Correct Answer
C) The buyer can withdraw from the agreement without penalty
When a condition is not satisfied or waived by the specified deadline, the buyer can typically withdraw from the agreement without penalty and receive their deposit back. Conditions are designed to protect buyers from circumstances beyond their control.
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A buyer submits an offer on a property with a condition to arrange financing within 5 business days. The seller accepts the offer on Tuesday. By what day must the buyer fulfill or waive this condition?
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A buyer submits an offer with a financing condition that expires in 5 business days. On day 3, they receive mortgage approval. What should happen next?