Contracts
A buyer's right to inspect property under the GAR Due Diligence Addendum includes the right to:
AOccupy the property before closing
BHave any and all inspections, tests, and surveys performed at the buyer's expense✓ Correct
CCompel the seller to repair defects found
DRequire the seller to lower the price based on inspection results
Explanation
The Due Diligence Period allows the buyer to have inspections, tests, surveys, and other investigations performed at the buyer's expense. The buyer can terminate for any reason but cannot compel repairs.
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Key Terms to Know
Option Contract
A 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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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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