An AREA purchase contract is signed, and the buyer's condition requires 'review and approval of condominium documents to the buyer's sole satisfaction.' The condominium documents reveal a planned special assessment of $15,000 per unit. Which statement is correct?
Correct Answer
C) The buyer may choose not to waive the condition, since it grants the buyer sole discretion
When a condition is worded to be at the 'buyer's sole satisfaction,' it grants the buyer broad discretion. A significant upcoming special assessment revealed in the condominium documents is a legitimate reason for a buyer to not waive the condition, allowing them to exit the contract.
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A buyer includes a condition in their offer stating 'subject to buyer's approval of a satisfactory home inspection.' The inspection reveals minor cosmetic issues but no structural problems. The buyer attempts to use this condition to withdraw from the purchase. Which legal principle would likely apply?