A Maryland residential purchase agreement typically includes several standard contingencies that protect the buyer's interests. Which of the following is NOT a contingency commonly found in a Maryland residential purchase agreement?
Correct Answer
C) Seller's prior sale contingency requiring the seller to sell another property before proceeding
A seller's prior sale contingency — making the buyer's purchase contingent on the seller first selling another property — is NOT a standard buyer-protective contingency in a Maryland residential purchase agreement. Standard buyer contingencies include financing, home inspection, and appraisal contingencies. A home sale contingency typically protects the BUYER (making purchase contingent on the buyer selling their current home), not the seller. A contingency requiring the seller to sell a separate property before proceeding is not a standard Maryland purchase agreement provision and would be an unusual, non-standard term.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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