A purchase contract in New York includes an inspection contingency that allows the buyer 10 days to conduct inspections and 3 additional days to notify the seller of any objections. If the inspection is completed on day 8 and reveals significant plumbing issues, by what day must the buyer notify the seller to preserve their right to negotiate repairs or cancel?
Correct Answer
B) Day 13 (three days after inspection completion)
The buyer has 3 days from completion of the inspection to notify the seller of objections. Since the inspection was completed on day 8, the buyer has until day 11 (day 8 + 3 days). However, since the question asks about significant issues found on day 8, the buyer must notify by day 13 to preserve their rights under the contingency.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
More Contracts Ny Real Property Law Questions
A buyer in New York breaches a contract to purchase a $600,000 home and forfeits a $30,000 earnest money deposit. The seller incurs $8,000 in additional carrying costs and $4,000 in remarketing expenses before selling to another buyer for $585,000. What is the seller's total recoverable damages?
A New York buyer exercises their right to cancel a purchase contract within the attorney review period. The seller demands to keep the earnest money as compensation for taking the property off the market. What is the legal outcome?
A seller in New York breaches a contract for a $750,000 home. The buyer must purchase a comparable property for $785,000 and incurs $3,200 in additional costs (inspection, appraisal, attorney fees). The buyer also loses $1,800 in non-refundable application fees from their original lender. What are the buyer's total recoverable damages?
Tom is buying a condominium in Syracuse and reviewing the purchase contract. What type of title insurance should Tom expect to receive?
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