Contracts
When a buyer waives an inspection contingency, they are agreeing to:
AConduct the inspection within 10 days
BPurchase the property without using the inspection results to renegotiate or cancel the contract✓ Correct
CAllow the seller to conduct the inspection
DUse only a licensed inspector chosen by the seller
Explanation
Waiving an inspection contingency means the buyer is proceeding with the purchase without the protection of being able to cancel or renegotiate based on inspection findings. While it may strengthen an offer in a competitive market, it carries significant risk.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
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