A buyer in New York wants to include a home inspection contingency in their purchase offer. The inspection reveals minor cosmetic issues but no major defects. The buyer decides they no longer want the property and attempts to cancel based on the inspection contingency. Which statement is correct?
Correct Answer
D) The buyer's right to cancel depends on the specific language of the inspection contingency clause
The buyer's rights under an inspection contingency depend entirely on how the contingency is written in the contract. Some clauses allow cancellation for any reason during the inspection period, while others require specific findings or substantial defects.
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Previous Question
In a New York residential transaction, the purchase contract includes a provision stating 'This contract is subject to buyer's attorney approval within 5 business days.' The buyer's attorney is unavailable and cannot review the contract within this timeframe. What happens to the contract?
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Under New York law, all of the following would make a real estate purchase contract voidable EXCEPT: