Contracts
An Oklahoma purchase contract includes an inspection contingency that expires in 10 days. On day 9, the buyer's inspector finds foundation issues. The buyer requests repairs; the seller refuses. The buyer can:
AOnly accept the property as-is since the inspection was completed
BTerminate the contract and recover the earnest money per the contingency terms✓ Correct
CSue the seller immediately for specific performance
DAutomatically receive a price reduction equal to repair costs
Explanation
If the inspection contingency is still active and the buyer and seller cannot agree on repairs, the buyer may exercise the contingency to terminate the contract and recover the earnest money deposit, as specified in the contract terms.
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