In Connecticut, what is the term for a contract provision that makes the buyer's obligation to purchase conditional upon the successful sale of the buyer's existing home?
Correct Answer
D) A home sale contingency
A home sale contingency makes the buyer's obligation to complete the purchase conditional upon the prior or simultaneous sale of the buyer's existing property. This is a common contingency in Connecticut residential contracts that protects buyers who need the proceeds from their current home to fund the new purchase.
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Related Topics & Key Terms
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Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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