Contracts
A buyer waives their home inspection contingency. This means:
AThe seller guarantees there are no defects
BThe buyer accepts the property without recourse for conditions they could have discovered through inspection✓ Correct
CThe seller must conduct their own inspection
DThe transaction automatically becomes as-is
Explanation
Waiving the inspection contingency means the buyer accepts the property in its current condition and cannot use inspection findings as a reason to cancel or renegotiate. The buyer assumes the risk of undiscovered defects.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
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