Contracts
In Maine, a purchase and sale agreement is typically accompanied by which contingency to ensure the property has no major defects?
AA financial contingency
BA home inspection contingency✓ Correct
CA title search contingency
DAn attorney review contingency
Explanation
A home inspection contingency is the most common contingency in Maine purchase agreements, allowing the buyer to have the property professionally inspected and to cancel or renegotiate based on the results.
People Also Study
Related Maine Questions
- In Maine, when a buyer includes an inspection contingency in a purchase agreement, the buyer has the right to:Contracts
- A Maine purchase and sale agreement contains a financing contingency. If the buyer cannot obtain financing:Contracts
- A Maine purchase and sale agreement has an inspection contingency. The buyer's inspector finds a significant foundation crack. The buyer may:Contracts
- A Maine purchase and sale agreement includes an inspection contingency. The buyer submits an inspection report showing minor issues. The seller refuses to repair. The buyer's options typically include:Contracts
- A Maine property owner sells their home and carries back a purchase money mortgage from the buyer. In this arrangement, the seller is acting as:Finance
- A Maine home's purchase price is $375,000 with a 5% down payment. The FHA loan amount (rounding to nearest dollar) is:Real Estate Math
- A Maine agent lists a home for $479,000 and it sells for $465,000. The days on market is 38. The list price to sale price ratio is approximately:Real Estate Math
- Under Maine's Manufactured Housing Act, mobile home park residents who wish to purchase their park have:Property Management
Key Terms to Know
Contingency
A 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.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Study This Topic
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →