Contracts
A Maine purchase and sale agreement has an inspection contingency. The buyer's inspector finds a significant foundation crack. The buyer may:
AOnly cancel the contract if the crack was caused by a flood
BNegotiate repairs, a price reduction, or cancel and recover the earnest money per the contingency terms✓ Correct
CForce the seller to rebuild the foundation at no cost
DOnly proceed with the purchase as written
Explanation
An inspection contingency allows the buyer to negotiate repairs or a price reduction, or to cancel the contract and recover the earnest money if the inspection reveals unsatisfactory conditions, per the contract terms.
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