Contracts
A real estate contract clause stating that the buyer may inspect within 10 days and notify the seller of defects, but may not cancel without providing the seller an opportunity to cure, is called a(n):
AStandard inspection contingency
BCure period provision (inspection with right to cure)✓ Correct
CDue diligence period
DAs-is waiver
Explanation
A cure period provision requires the seller to be given an opportunity to remedy identified defects before the buyer may exercise a right to cancel — different from a standard contingency that allows cancellation upon discovery.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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