In West Virginia, a home inspection contingency gives the buyer the right to:
Correct Answer
B) Have the property inspected and negotiate or cancel based on findings
The home inspection contingency allows the buyer to have the property professionally inspected. Based on findings, the buyer may negotiate repairs, request a price reduction, or cancel the contract with a refund of earnest money.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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