In Maryland residential real estate contracts, which document must a buyer typically receive before the home inspection contingency period begins to run?
Correct Answer
B) The executed and fully ratified contract of sale
In Maryland, contingency periods — including the home inspection contingency — generally begin running from the date the contract is fully ratified (i.e., signed by all parties and a fully executed copy is delivered). The ratified contract is the trigger document that starts the clock on all contingency deadlines.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
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.
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