Contracts
Under Maine law, when a seller accepts an offer with an inspection contingency, the buyer typically has the right to:
ACancel for any reason whatsoever
BCancel based on defects found during inspection✓ Correct
CRenegotiate the price down by 10%
DRequest a new survey of the property
Explanation
An inspection contingency in Maine allows the buyer to cancel the contract (and typically recover earnest money) if unsatisfactory defects are found during the inspection period.
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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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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