A buyer in New York wants to include a clause allowing them to cancel the contract if they cannot sell their current home within 45 days. This type of provision is commonly known as a:
Correct Answer
C) Home sale contingency
'Home sale contingency' is the standard terminology used in New York real estate practice for a clause that makes the purchase contract contingent upon the buyer's ability to sell their existing property within a specified timeframe.
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Previous Question
A New York buyer signs a purchase contract with a financing contingency requiring a 'conventional loan at prevailing market rates.' Market rates increase by 1.5% between contract signing and the loan application deadline. The buyer obtains a loan commitment at the higher current market rate but claims the contingency is not satisfied because rates increased. Which statement is correct?
Next Question
A New York purchase contract includes the provision: 'Buyer to assume seller's existing mortgage of approximately $180,000.' At closing, the actual mortgage balance is $186,500. The buyer objects to the higher amount. Which statement is most accurate?