Contracts
An Oklahoma buyer submits an offer with a home inspection contingency. The inspection reveals a cracked foundation. The buyer now wants to terminate. Under a properly written contingency, the buyer:
AForfeits their earnest money automatically
BMay terminate the contract within the contingency period and receive a refund of their earnest money, as the contingency condition was not satisfied✓ Correct
CMust accept the property regardless of inspection findings
DCan only terminate if the seller refuses to fix the foundation
Explanation
A home inspection contingency allows the buyer to terminate the contract (and recover earnest money) if the inspection reveals unsatisfactory conditions, provided the buyer acts within the contingency period and follows the contract procedures.
Related Oklahoma Contracts Questions
- In an Oklahoma real estate transaction, the buyer's right of rescission under TILA (Truth in Lending Act) applies to:
- Under Oklahoma contract law, if a buyer's earnest money check is returned for insufficient funds after the seller has accepted the offer:
- In Oklahoma, mutual rescission of a purchase contract means:
- An Oklahoma sales contract includes an 'as-is' clause. This clause means:
- Oklahoma's 'as-is' clause means the buyer accepts the property in its current condition. However, the buyer typically retains the right to:
- Oklahoma's Statute of Frauds (12 O.S. Section 136) requires which real estate contracts to be in writing?
- When an Oklahoma purchase contract contains a 'subject to appraisal' contingency, the buyer may terminate if:
- When a seller accepts an offer and deposits the earnest money, the contract is in which stage?
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