Contracts
A Missouri buyer who discovers a defect during a home inspection has three choices under a typical inspection contingency. These are:
AAccept the defect, cancel the contract, or demand repairs/credits✓ Correct
BOnly cancel the contract
COnly demand repairs
DAccept or cancel only
Explanation
Under a Missouri inspection contingency, buyers typically can: (1) accept the property as-is, (2) cancel the contract and receive earnest money back, or (3) negotiate with the seller for repairs, price reductions, or closing cost credits.
Related Missouri Contracts Questions
- An earnest money dispute between a Missouri buyer and seller is typically resolved by:
- Under the Missouri parol evidence rule, oral agreements made before a written contract:
- A Missouri purchase contract contains an escalation clause that says the buyer will pay $2,000 more than any competing bona fide offer up to $350,000. A competing offer of $330,000 exists. What does the buyer pay?
- Which of the following is an essential element of a valid real estate contract in Missouri?
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- What does 'time is of the essence' mean in a Missouri real estate contract?
- An assignment of a Missouri real estate contract means:
- A Missouri purchase contract accepted by the seller becomes binding when:
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