Contracts
A Washington purchase and sale agreement includes an inspection contingency that states the buyer must notify the seller within 10 days. The buyer fails to notify within the deadline. The contingency is:
AExtended automatically by 5 days
BWaived, and the contract proceeds without the contingency✓ Correct
CA material breach entitling the seller to terminate
DVoidable at the buyer's option after the deadline
Explanation
When a buyer fails to exercise a contingency within the stated time period, the contingency is typically waived by operation of contract terms, and the transaction proceeds as if the contingency was satisfied.
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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.
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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