A buyer in Rancho Cucamonga has a C.A.R. RPA with standard contingencies. On day 10, the buyer submits a Request for Repair (RR) asking the seller to fix a leaking roof. The seller refuses to make any repairs. Under the C.A.R. RPA, what are the buyer's options while still within the inspection contingency period?
Correct Answer
B) The buyer may cancel the contract within the contingency period and receive a full deposit refund
While still within the inspection contingency period, the buyer retains the right to cancel the transaction for any reason related to the investigation, including dissatisfaction with the seller's response to repair requests. The buyer would receive a full refund of the deposit.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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