Contracts
A Virginia purchase contract requires the buyer to obtain a home inspection within 10 days. The buyer fails to schedule the inspection within that period. The result is:
AThe seller must grant an automatic extension
BThe inspection contingency may be deemed waived and the buyer loses the right to terminate based on inspection✓ Correct
CThe contract automatically terminates
DVREB will intervene to protect the buyer
Explanation
If the buyer fails to act within the specified contingency period, the contingency may be deemed waived — meaning the buyer cannot exercise it later. The buyer should monitor all contract deadlines carefully.
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