In Arizona, all of the following are common contingency types in residential purchase contracts EXCEPT:
Correct Answer
D) Neighborhood demographics contingency
Correct: Neighborhood demographics contingencies are not standard and could potentially violate fair housing laws. Why not A: Financing contingencies are very common and protect buyers. Why not B: Inspection contingencies are standard in most residential contracts. Why not C: Appraisal contingencies protect buyers when property doesn't appraise at contract price.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
More Az Contracts Questions
In a Scottsdale transaction review, a party asks whether contract cancellation always excludes every other possible remedy under Arizona law. Which statement should the broker communicate?
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Under the current AAR Buyer Advisory, during an Arizona file audit in Yavapai County, a buyer assumes the Arizona Buyer Advisory is a guarantee that every due-diligence issue has already been verified by the broker. What should the parties assume under current Arizona rules?
- → In a Goodyear transaction review, a salesperson wonders whether all issues belong inside the core purchase contract body even when a specialized addendum exists. What is the best answer under current Arizona law or current Arizona form practice?
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- → Under the current AAR Buyer Advisory, in a Glendale transaction review, a buyer assumes the Arizona Buyer Advisory is a guarantee that every due-diligence issue has already been verified by the broker. What is the most accurate response?
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At Desert Mesa Brokers in Gilbert, Under current Arizona rules, which statement best describes offer and acceptance?
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