A buyer includes a home inspection condition in their offer that states 'subject to buyer's approval of a home inspection.' What type of condition is this considered to be?
Correct Answer
D) A subjective condition that depends on the buyer's personal satisfaction
This is a subjective condition because it depends on the buyer's personal satisfaction and approval rather than objective criteria. The buyer has discretion to determine whether they are satisfied with the inspection results, though they must act in good faith and not be arbitrary or capricious.
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Previous Question
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?
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A buyer submits an offer with a condition for financing approval by 5:00 PM on Friday, March 15th. The buyer's mortgage is approved on Thursday, March 14th. What should the buyer do to proceed with the purchase?