Contracts
A purchase agreement that includes an inspection contingency typically allows the buyer to:
ABack out of the contract for any reason whatsoever
BRenegotiate or withdraw based on findings revealed by a professional property inspection✓ Correct
CRequire the seller to remodel the kitchen if requested
DDelay closing indefinitely pending a satisfactory inspection
Explanation
An inspection contingency gives the buyer the right to have the property professionally inspected and, if the inspection reveals defects, to renegotiate repairs or price, request remediation, or withdraw from the contract within the contingency period.
Related Iowa Contracts Questions
- Iowa's purchase agreement form used by most REALTORS® is published by the:
- In Iowa, what is the legal significance of a buyer giving a 'personal property' list in the purchase agreement?
- An Iowa seller counters a buyer's offer and gives the buyer 48 hours to respond. Before the 48 hours are up, the seller revokes the counter. Is the revocation valid?
- If a seller fails to disclose a known material defect in Iowa, the buyer's potential remedies include:
- An Iowa real estate contract contingency that allows the buyer to cancel if they cannot obtain financing is called a:
- In Iowa, which type of listing gives a seller the right to sell the property themselves without owing the broker a commission, but the broker earns a commission if the broker procures the buyer?
- Which Iowa real estate contract clause allows the seller to continue marketing the property and accept a better offer if the buyer doesn't remove a contingency within a specified time?
- What is the difference between a void and a voidable Iowa real estate contract?
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →