Contracts
Under the GAR Purchase and Sale Agreement, the 'inspection contingency' allows the buyer to:
AA. Cancel the contract for any reason during the due diligence period
BB. Request repairs or a price reduction based on findings from a professional inspection✓ Correct
CC. Force the seller to repair all defects found
DD. Extend the closing indefinitely while inspections are ongoing
Explanation
The inspection contingency allows the buyer to have the property professionally inspected and then request repairs, a price reduction, or terminate the contract if the inspection reveals unsatisfactory conditions. The seller may accept, reject, or negotiate the requests.
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