Contracts
A West Virginia buyer and seller have a signed purchase contract. The buyer discovers major structural damage during the inspection period. The buyer should:
AProceed with the purchase regardless — the contract is binding
BExercise the inspection contingency to renegotiate or terminate within the specified period✓ Correct
CImmediately sue the seller for fraud
DAsk the broker to modify the contract without a signed addendum
Explanation
An inspection contingency allows the buyer to order inspections and, based on the results, negotiate repairs or credits, or terminate the contract and receive the earnest money back within the specified contingency period.
Related West Virginia Contracts Questions
- If a West Virginia real estate contract is signed by someone without mental capacity (due to a court-declared incompetency), the contract is:
- In West Virginia, which clause in a purchase contract establishes when risk of loss transfers from seller to buyer?
- Which clause in a West Virginia purchase contract allows the seller to continue marketing the property and accept a better offer if the current buyer's contingencies are not met?
- A West Virginia addendum modifying a previously signed purchase contract is valid when:
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- Under West Virginia law, which of the following best describes an option contract in real estate?
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- Under West Virginia law, rescission of a real estate contract means:
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