A buyer submits an offer with a home inspection condition that must be satisfied by 5:00 PM on Friday. The buyer's agent calls the listing agent at 4:45 PM Friday to verbally waive the condition. What is the legal status of this waiver?
Correct Answer
D) The waiver is invalid because it was not submitted in writing
In real estate contracts, waivers of conditions must typically be in writing to be legally enforceable. Verbal communications, even if made before deadlines, do not satisfy the written notice requirements specified in most standard Agreement of Purchase and Sale forms.
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A buyer submits an offer with a financing condition that must be satisfied within 5 business days. On day 4, the buyer's mortgage application is approved but they want better terms. What can the buyer legally do?
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A buyer submits an offer with a home inspection condition that must be satisfied by 5:00 PM on Friday. At 3:00 PM Friday, the buyer's agent emails the seller's agent stating the inspection condition is waived. What is the legal status of this waiver?