Contracts
In Ohio, a 'waiver' in a real estate contract means one party has:
AAdded a new provision to the contract
BVoluntarily given up a known contractual right✓ Correct
CRejected a counteroffer
DClaimed their rights under a contingency
Explanation
A waiver is the voluntary, intentional relinquishment of a known legal right. For example, a buyer who waives the home inspection contingency voluntarily gives up their right to cancel based on inspection results.
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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.
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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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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