A buyer in Scottsdale discovers the seller misrepresented the property's square footage by 200 square feet. The buyer wants to proceed with the purchase but seek compensation. What remedy should the buyer pursue?
Correct Answer
B) Specific performance with abatement
Specific performance with abatement allows the buyer to complete the purchase while receiving a price reduction for the misrepresentation. Option A is incorrect because the buyer wants to proceed, not cancel. Option C is incorrect as liquidated damages typically apply to breach, not misrepresentation requiring price adjustment. Option D is incorrect because punitive damages are rarely awarded in real estate contract disputes.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
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.
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