Contracts
In New Mexico, an 'inspection contingency' in a purchase agreement typically gives the buyer the right to:
ADemand that the seller make all repairs identified
BInspect the property and negotiate repairs, accept it as-is, or cancel within the specified contingency period✓ Correct
CRequire a new property appraisal
DExtend the closing date indefinitely for inspections
Explanation
An inspection contingency allows the buyer to have the property inspected and based on the results: (1) accept as-is, (2) request repairs or a price concession, or (3) cancel and recover their earnest money if defects are unacceptable — all within the contingency period.
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