easy · National Real Estate Exam contracts
A purchase contract states the sale will only proceed if the buyer's loan is approved by a set date.
What is this clause called?
- A contingency has no effect on whether the contract is enforceable at all.
- An addendum: a separate document that changes the agreed sale price.
- A disclosure: a federally required form provided in every home sale.
- A contingency: a condition that must be met before the contract fully binds.
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