In a complex transaction, the buyer's offer contains both a financing condition (10 days) and a home inspection condition (7 days). The inspection reveals major issues, but the buyer waives the inspection condition on day 6. On day 9, financing is approved but the lender requires repairs based on their own inspection. What is the buyer's legal position regarding the required repairs?
Correct Answer
B) The buyer must complete the purchase since they waived the inspection condition that would have revealed the issues
By waiving the inspection condition, the buyer voluntarily gave up their right to withdraw based on property condition issues. The financing condition protects against inability to obtain financing, but if financing is approved (even with repair requirements), the buyer cannot use this condition to withdraw. The buyer assumed the risk of unknown property issues by waiving their inspection protection.
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