Under Oklahoma law, all of the following events will terminate an offer to purchase real property EXCEPT:
Correct Answer
D) The offeror obtaining mortgage pre-approval after submitting the offer
Obtaining mortgage pre-approval after submitting an offer does NOT terminate the offer. Pre-approval is a financing step taken by the buyer and has no legal effect on the status of the outstanding offer. The offer remains open until it is accepted, rejected, revoked, or lapses. All other options describe recognized methods of offer termination under Oklahoma contract law.
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Related Topics & Key Terms
Key Terms:
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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