Contracts
A Kansas buyer includes an inspection contingency in their purchase offer. The inspection reveals a major foundation issue. The buyer may:
AOnly request repairs, not cancel the contract
BCancel the contract and receive their earnest money back, or negotiate repairs or a price reduction✓ Correct
CRequire the seller to make all repairs regardless of cost
DProceed only if the repairs cost less than $5,000
Explanation
An inspection contingency allows the buyer to cancel the contract (and recover earnest money) or negotiate repairs/price reduction if the inspection reveals unsatisfactory conditions.
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Key Terms to Know
Earnest Money
A 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.
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.
Math Concepts
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