Contracts
A NJ home sale contract's inspection contingency typically gives the buyer the right to cancel the contract if:
AThe buyer simply changes their mind
BA professional inspection reveals defects and the parties cannot agree on remediation within the contingency period✓ Correct
CThe seller's price is too high
DThe buyer finds a better property
Explanation
The inspection contingency allows the buyer to have the property inspected and, if unsatisfactory defects are found and the parties cannot reach agreement on repairs or credits, to void the contract and recover their deposit within the specified timeframe.
Related New Jersey Contracts Questions
- An 'as-is' clause in a NJ real estate contract means:
- A NJ condominium purchase contract typically includes a provision that the closing is contingent upon the buyer receiving:
- An 'as-is' clause in a NJ real estate contract:
- In NJ, a 'net sheet' provided by a broker to a seller is:
- A NJ 'as-is' sale where the seller provides no representations or warranties means the buyer is relying on:
- In NJ, a 'contingency removal' in a purchase contract happens when the buyer or seller:
- In NJ, a buyer's deposit check that is returned for insufficient funds after being deposited in the broker's escrow account creates:
- During the NJ attorney review period, which party may cancel the contract?
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →