Contracts
Under the GAR contract, the seller is typically allowed how long to respond to a repair request from the buyer after a home inspection?
AA. 3 days
BB. As negotiated in the agreement — there is no fixed statutory period✓ Correct
CC. 10 days
DD. 30 days
Explanation
The GAR contract allows parties to negotiate the timeframe for responding to repair requests. There is no fixed statutory response period — it is determined by the deadlines written into the contract or negotiated by the parties.
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Key Terms to Know
Purchase Agreement
A 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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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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