Contracts
A Wyoming real estate purchase agreement includes an inspection contingency. If the buyer finds defects, the buyer may:
AOnly cancel the contract and forfeit the earnest money
BRequest repairs, a price reduction, or cancel the contract and recover earnest money✓ Correct
CSue the seller for the cost of all repairs
DDemand the seller rebuild the property to new condition
Explanation
With an inspection contingency, a buyer who discovers defects typically has the right to request repairs, negotiate a price reduction or credit, or cancel the contract and recover their earnest money. The specific remedies depend on the contract language.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA 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.
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