A buyer in Maine is purchasing a home and wants to include a contingency in the purchase and sale agreement related to the well water quality. The property uses a private well, and the buyer is concerned about arsenic contamination, which is known to occur in certain Maine regions. Which of the following best describes the broker's appropriate role regarding this concern?
Correct Answer
B) The broker should recommend that the buyer include a water quality testing contingency and advise the buyer to test for arsenic given Maine's known geological risks
Maine's geology makes arsenic contamination in private wells a significant and known environmental concern in certain regions of the state. Maine-licensed brokers are expected to advise buyers about the importance of testing for arsenic and radon, and to recommend that buyers include a water quality testing contingency in the purchase and sale agreement. This is part of Maine's unique disclosure and advisory framework for environmental hazards specific to the state.
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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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