Contracts
A Vermont buyer includes a 'radon inspection contingency' in their offer. If radon levels exceed EPA action levels (4 pCi/L), the buyer may:
ANot terminate the contract for any reason
BNegotiate with the seller for mitigation, lower the price, or terminate the contract and recover earnest money per the contingency terms✓ Correct
COnly request a price reduction
DRequire the seller to install a radon mitigation system at no cost regardless of contract terms
Explanation
A radon contingency gives the buyer options if radon levels exceed action levels: the parties may negotiate seller-paid mitigation, a price reduction to cover mitigation costs, or the buyer may terminate the contract and recover earnest money per the contingency's specific terms.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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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