Contracts
A Nebraska buyer's inspection reveals significant issues. The buyer may negotiate repairs, a price reduction, or:
ACancel the contract only if the inspection contingency allows it✓ Correct
BAutomatically cancel any contract with defects found
CRequire the seller to make all repairs regardless of contract terms
DSue the seller for defects found after closing
Explanation
The buyer's rights in response to inspection findings depend entirely on the inspection contingency terms in the purchase agreement. Without a proper contingency, the buyer may not have the right to cancel.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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