A Florida real estate purchase contract includes a financing contingency requiring loan approval within 30 days. On day 28, the buyer hasn't received approval but hasn't notified the seller. What is the buyer's status?
Correct Answer
B) The buyer must notify the seller in writing to preserve their rights
Correct: B - Florida purchase contracts typically require written notice to the seller if financing is not obtained within the specified timeframe to preserve the buyer's rights under the contingency. Why not A: The buyer doesn't automatically lose the deposit without proper notice procedures. Why not C: Extensions are not automatic and require agreement. Why not D: The contract doesn't automatically become void.
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