Illinois Real Estate Exam Practice Question
What should buyers insert into their purchase offer to make sure they would NOT have to go through with the purchase if they cannot obtain the necessary financing?
Correct Answer: C
Rationale: Inserting a **contingency** in a purchase offer allows buyers to back out if they cannot secure financing, ensuring they are not legally bound to complete the purchase.
Option A, **escape clause**, typically refers to a provision allowing sellers to accept other offers, not specifically related to financing.
Option B, **provision for liquidated damages**, outlines penalties if a buyer defaults but does not provide a way to exit the contract without consequences if financing falls through.
Option D, **walk-through agreement**, pertains to the final inspection process and does not address financing issues.
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