ContractsContingenciesMEDIUM
An inspection contingency in an Indiana purchase agreement allows the buyer to:
Correct Answer
B) Inspect the property and negotiate repairs, credits, or terminate the contract within the contingency period
The inspection contingency gives the buyer the right to have the property inspected and then negotiate repairs, request credits, or terminate the agreement if issues are unsatisfactory.
Answer Options
A
Only request repairsB
Inspect the property and negotiate repairs, credits, or terminate the contract within the contingency periodC
Automatically extend the closing dateD
Reduce the purchase price by 10%Why This Is the Correct Answer
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Why the Other Options Are Wrong
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Background Knowledge for Contracts
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Real World Application in Contracts
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Related Topics & Key Terms
Related Topics:
contingenciesseller disclosurehome inspectionearnest money refundcontract termination
Key Terms:
inspection contingencycontingency periodrepairsprice reductioncontract terminationearnest money refund
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