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Kansas Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement Form

Kansas Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement Form

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question one in Kansas a buyer makes an offer on a property with a provision that the offer is contingent on obtaining financing the buyer fails to secure the financing and decides to back out of the deal which of the following best describes the buyer's rights in this situation A the buyer must forfeit the earnest money deposit to the seller B the buyer can terminate the contract without penalty due to the financing contingency C the buyer is legally required to proceed with the purchase regardless of financing D the buyer can only back out if the seller agrees to release them from the contract question one correct answer B the buyer can terminate the contract without penalty due to the financing contingency explanation in Kansas as in many states a financing contingency is a common provision in real estate contracts this calls protects the buyer by allowing them to draw from the contract without penalty if they are unable to secure financing within a specified time frame this

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