If a home inspection reveals significant defects, a buyer with an inspection contingency in Maine may:
Correct Answer
B) Cancel the contract or negotiate repairs and price reductions with the seller
In Maine, an inspection contingency gives the buyer the right to cancel the contract or negotiate with the seller for repairs, credits, or a price reduction if the inspection reveals significant defects. This contingency protects the buyer's ability to make an informed decision about the property.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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.
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