Contracts
A Virginia buyer makes an offer with a home inspection contingency that allows them to void the contract within 10 days. The seller accepts. On day 12, the buyer tries to void the contract citing inspection issues. The buyer is:
AEntitled to void because defects were found
BIn default — the contingency period has expired✓ Correct
CAllowed extra time under VREB rules
DProtected because the seller knew of the defects
Explanation
Once a contingency period expires without the buyer exercising their right, the contingency is waived. Attempting to void after the deadline constitutes buyer default.
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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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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