hard · National Real Estate Exam
A buyer's offer is accepted, and a contract is formed. Before closing, the buyer realizes they forgot to include a contingency for the sale of their current home.
Can the buyer add this contingency now?
- Only if the seller agrees to an amendment to the contract.
- No, because adding a contingency after the fact violates the Statute of Frauds.
- Yes, because contingencies can be added up until the end of the executory period.
- Yes, provided the buyer pays an additional 'contingency fee' to the seller.
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