A buyer in Berks County has an inspection contingency in the PA Agreement of Sale. During the inspection, the inspector discovers the property is connected to a shared private well serving three homes. The buyer was not aware of this arrangement. How does this affect the buyer's contingency rights?
Correct Answer
C) The buyer may request information about the well-sharing agreement and may terminate if unsatisfied with the arrangement
The discovery of a shared well arrangement is a material fact that the buyer can address under the inspection contingency. The buyer may request documentation of the well-sharing agreement, evaluate the arrangement, and terminate if the terms are unsatisfactory.
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A buyer in Pennsylvania is told by their agent that the Agreement of Sale includes a 'financing contingency.' Which best describes what this contingency does?
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A buyer in Pennsylvania is purchasing a townhouse. The Agreement of Sale includes an HOA contingency. The buyer receives the HOA documents and discovers monthly dues of $450 and a pending special assessment of $5,000. Under the contingency, what can the buyer do?