Under the PAR Agreement of Sale, the buyer's mortgage contingency requires the buyer to apply for a mortgage within a specified number of days and provide proof of application to the seller. If the buyer fails to apply within the required timeframe, what is the most likely consequence?
Correct Answer
B) The buyer is deemed to have waived the mortgage contingency
Under the PAR Agreement of Sale, if the buyer fails to apply for a mortgage within the required timeframe, the buyer may be deemed to have waived the mortgage contingency. This means the buyer can no longer terminate the agreement based on inability to obtain financing.
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A buyer in Pennsylvania includes a mortgage contingency in the PAR Agreement of Sale. What is the primary purpose of this contingency?
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A buyer in Pennsylvania has an inspection contingency in the PAR Agreement of Sale. The home inspector discovers knob-and-tube wiring throughout the house. The buyer submits a written request for the seller to replace all wiring before settlement. The seller refuses. What are the buyer's options?