During the inspection contingency period under a C.A.R. RPA, a buyer's home inspection reveals a cracked foundation. Which C.A.R. form is used to formally communicate the buyer's desired corrective action to the seller?
Correct Answer
D) Request for Repair (RR)
The C.A.R. Request for Repair (RR) form is the designated contractual instrument for buyers to formally submit requests for repairs, credits, or other corrective actions to the seller based on inspection findings. It must be submitted within the active inspection contingency period to preserve the buyer's contractual rights.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
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