A buyer in Pennsylvania has an inspection contingency in the PAR Agreement of Sale. The home inspector discovers knob-and-tube wiring throughout the house. The buyer submits a written request for the seller to replace all wiring before settlement. The seller refuses. What are the buyer's options?
Correct Answer
A) The buyer may accept the property, negotiate further, or terminate the agreement within the contingency period
Under the PAR inspection contingency, if the seller refuses the buyer's repair request, the buyer may accept the property as-is, continue negotiations for other remedies (such as a credit), or terminate the agreement and receive a full refund of hand money within the contingency period.
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Previous Question
Under the PAR Agreement of Sale, the buyer's mortgage contingency requires the buyer to apply for a mortgage within a specified number of days and provide proof of application to the seller. If the buyer fails to apply within the required timeframe, what is the most likely consequence?
Next Question
A buyer in Pennsylvania waives the inspection contingency in the Agreement of Sale to make a more competitive offer. After the agreement is fully executed, the buyer discovers the furnace is not working. What is the buyer's position?