During the inspection objection period of a Colorado Contract to Buy and Sell Real Estate, buyer Kevin submits an Inspection Objection to the seller listing concerns about a cracked foundation and faulty electrical panel. The seller has three options under the CREC-approved contract process. Which of the following correctly describes the seller's options upon receiving the Inspection Objection?
Correct Answer
B) The seller may agree to correct all items, agree to correct some items, or decline to correct any items
Under the CREC-approved Contract to Buy and Sell Real Estate, when a buyer submits an Inspection Objection, the seller has the right to respond by agreeing to correct all items, agreeing to correct some items (partial resolution), or declining to correct any items. The seller is not obligated to make any repairs. If the parties cannot reach agreement, the buyer may then choose to terminate or proceed with the contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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