All of the following actions would properly satisfy an inspection contingency deadline in Arizona EXCEPT:
Correct Answer
C) Buyer verbally tells the seller they approve the inspection results
Verbal communication typically does not properly satisfy contingency requirements, which usually require written documentation. Option A properly waives the contingency in writing. Option B creates a binding written agreement. Option D provides proper written acceptance of the property condition.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
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A Flagstaff buyer includes a well and septic inspection contingency due to the rural property location. The inspection reveals the septic system needs $8,000 in repairs to meet county standards. What options does the buyer have?
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During an Arizona file audit in Yuma County, the parties ask whether Arizona contracts can address contingencies beyond inspections, such as HOA review or the buyer's sale of another property. Which statement should the broker communicate?