Under the PAR Agreement of Sale, which of the following is NOT a standard contingency that a buyer may include in the contract?
Correct Answer
A) Contingency requiring the seller's next purchase to close first
A contingency requiring the seller's next purchase to close is not a standard contingency in the PAR Agreement of Sale. While buyers can include a sale-of-buyer's-property contingency, making the purchase contingent on the seller's separate transaction closing is not a standard buyer contingency.
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Previous Question
A buyer in Pennsylvania waives the inspection contingency in the Agreement of Sale to make a more competitive offer. After the agreement is fully executed, the buyer discovers the furnace is not working. What is the buyer's position?
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A buyer in Lehigh County, PA has a mortgage contingency specifying a conventional loan at no more than 6.5% interest for 30 years. The buyer receives a commitment at 6.75%. Under the PAR Agreement of Sale, what should the buyer do?