Contracts
A Missouri buyer includes a 'survey contingency' in their offer. This protects the buyer by:
AGuaranteeing the survey results
BAllowing the buyer to cancel if a survey reveals boundary problems, encroachments, or easements✓ Correct
CRequiring the seller to pay for the survey
DDelaying the closing by 30 days
Explanation
A survey contingency allows the buyer to review a new survey and cancel the contract or negotiate if issues such as encroachments, boundary disputes, or undisclosed easements are discovered.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
EasementA non-possessory right to use another person's land for a specific purpose.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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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