In a New York residential real estate transaction, buyer Jennifer wants to include a provision allowing her to withdraw from the contract if her attorney disapproves of any terms within 5 business days. This type of contingency is known as:
Correct Answer
D) Attorney approval contingency
In New York real estate practice, this is commonly referred to as an 'attorney approval contingency' or 'attorney review clause,' which allows the buyer's attorney to review and potentially disapprove of contract terms within a specified timeframe.
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Previous Question
Sarah, a licensed real estate salesperson in New York, is helping buyer Michael prepare an offer on a residential property. Michael asks Sarah to review the purchase contract terms and advise him whether the financing contingency clause provides adequate protection. How should Sarah respond under New York law?
Next Question
A purchase contract in New York includes a mortgage contingency clause stating the buyer must obtain a commitment for an 80% LTV conventional loan at 7.5% interest within 30 days. The buyer obtains a commitment for an 80% LTV loan at 8.0% interest. The seller demands the buyer proceed with closing. Which statement is correct?