A buyer's offer includes a condition for financing approval within 5 business days. On day 4, the buyer's mortgage application is denied. What should the buyer do to properly protect themselves?
Correct Answer
C) Provide written notice to the seller that the condition has not been satisfied by the deadline
The buyer must provide written notice to the seller that the financing condition has not been satisfied by the specified deadline to properly exercise their right to withdraw from the contract. Simply allowing the deadline to pass without notice may not be sufficient protection in all jurisdictions.
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A buyer's offer includes a condition for financing approval within 10 business days. On day 8, the buyer's mortgage application is denied, but they find a private lender willing to provide financing at a higher rate. What are the buyer's options?
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A buyer's offer includes a condition for financing approval within 5 business days. What happens if the buyer cannot secure financing within this period?