Contracts
In Virginia, the standard contingency allowing a buyer to terminate a contract based on the results of a home inspection is typically referred to as:
AAn appraisal contingency
BA home inspection contingency✓ Correct
CA financing contingency
DA title contingency
Explanation
A home inspection contingency gives the buyer the right to have the property inspected and to negotiate repairs or terminate the contract if the inspection reveals unsatisfactory conditions.
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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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
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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