Contracts
What is a 'home inspection contingency' in a Kansas purchase contract?
AThe buyer's right to renegotiate the price after closing
BA provision allowing the buyer to have the property professionally inspected and to request repairs, negotiate, or terminate based on findings✓ Correct
CA requirement that the seller disclose all known defects
DA clause requiring the seller to warrant the home for one year
Explanation
A home inspection contingency gives the buyer the right to have a professional inspector evaluate the property and, depending on findings, request repairs, negotiate the price, or terminate the contract and recover earnest money.
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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.
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.
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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