Contracts
A Connecticut home inspection contingency allows the buyer to:
ADemand that the seller fix every item noted by the inspector
BTerminate the contract or negotiate repairs/credits based on inspection findings, within the contingency period✓ Correct
CAutomatically extend the closing date if repairs are needed
DSue the inspector if defects are found after closing
Explanation
A home inspection contingency gives the buyer the right to review the inspection report and, within the contingency period, negotiate repairs or credits with the seller, or terminate the contract if the parties cannot agree.
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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.
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.
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