Final answer:
The statement is true.
True, a party who was ready to close on a real estate transaction can rescind the contract if the other party fails to facilitate the closing. Clauses in the contract will typically allow for cancellation and refund if possession is not delivered as scheduled.
Step-by-step explanation:
If the closing date passes and no closing takes place, the contract may be rescinded by the party who was ready to settle on the scheduled date. The correct answer to this question is A) True. In most contractual agreements concerning real estate transactions, there are specific clauses that outline the consequences of failure to deliver possession of the property as agreed.
According to the information provided, if the party responsible (OWNER) for delivering possession is unable to do so due to various reasons, such as the loss or destruction of the residence, failure of the prior residents to vacate, or any other reason, then either the RESIDENT or OWNER may cancel and terminate the agreement with written notice. Furthermore, if neither party opts to cancel the agreement, the agreement may simply start from the date actual possession is granted and may be prorated accordingly.