Contracts
A Connecticut purchase and sale agreement requires the property to be in 'substantially the same condition' as when the offer was accepted. The buyer discovers significant water damage that occurred after the offer was accepted but before closing. The buyer may:
ABe required to close since they already signed the contract
BTerminate the contract and recover the earnest money since the condition of the property has materially changed✓ Correct
COnly receive a rent reduction for the first year of ownership
DOnly make a claim against the seller's homeowners insurance
Explanation
A 'substantially same condition' or 'as-is at time of acceptance' clause protects the buyer from closures on a property that has materially deteriorated. If the property has suffered significant damage between contract signing and closing, the buyer may terminate and recover the earnest money.
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