Question

A seller accepts a contingent backup offer from a second buyer and notifies the first buyer under a release clause. The first buyer decides to remove the sale of buyer's property contingency. What happens next

Answer 1

Answer: Completion of transaction and down payment

Step-by-step explanation:

Contingency backup offer is when the seller has an already potential buyer for a property.

In this scenario, the seller would have to conclude with the first buyer to avoid fractions and disagreement in some factors and to see if the buyer can make a down payment on the propery.