Drew Submitted Two Offers to Purchase for Two Apartment Buildings

question 2

Multiple Choice

Drew submitted two offers to purchase for two apartment buildings. Of course, he made the offers subject to financing approval. What is the effect of this condition?

• A) The lender has to approve the fair and adequate value of the transaction, or there is no deal.
• B) The offer will be void if his lender does not grant a mortgage.
• C) The lender will approve the price, deposit, and method of payment.
• D) The lender will be given control of the money needed to complete the deal.

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