A buyer in Dauphin County includes a contingency for the sale of their current home. The contingency states that the buyer must have a binding agreement on their current home within 60 days. On day 55, the buyer receives an offer on their current home but has not yet accepted it. What must the buyer do?
Correct Answer
B) The buyer must have a fully executed binding agreement by day 60 or the contingency expires
The contingency requires a binding agreement (fully executed contract) on the buyer's current home within 60 days. A pending offer that has not been accepted does not satisfy this requirement. The buyer must have a fully executed contract by the deadline or the contingency expires.
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Previous Question
A buyer in Montgomery County purchases a property with a PA Agreement of Sale that includes both an inspection contingency and an appraisal contingency. The inspection reveals minor cosmetic issues, and the buyer accepts the property condition. However, the appraisal comes in $20,000 below the purchase price. Can the buyer still exercise the appraisal contingency?
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A buyer in Pennsylvania includes a zoning contingency in the Agreement of Sale because they plan to operate a home-based business. What does the zoning contingency protect the buyer against?