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?
Correct Answer
C) The buyer can withdraw from the agreement and receive their deposit back
When a condition is not satisfied or waived within the specified time period, the buyer typically has the right to terminate the agreement and receive their deposit back, provided they act in good faith. Conditions are designed to protect buyers from unforeseen circumstances.
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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?
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