Contracts
A Vermont purchase contract with a 'subject to inspection' contingency allows the buyer to:
AConduct multiple inspections at any time before closing
BReview an inspection report and negotiate repairs or terminate the contract within the contingency period✓ Correct
CDemand the seller make all repairs regardless of cost
DCancel the contract at any time for any reason
Explanation
An inspection contingency gives the buyer a specified period to conduct inspections and either accept the property, negotiate repairs/credits, or terminate the contract based on the inspection findings.
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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.
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.
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