A buyer in Westmoreland County has an inspection contingency that expires in 5 days. The buyer has not yet scheduled an inspection. On day 4, the buyer asks the seller for a 10-day extension. The seller refuses. What happens?
Correct Answer
A) The inspection contingency expires on day 5 and the buyer is deemed to have accepted the property condition
If the seller refuses the extension request and the buyer does not conduct an inspection or exercise the contingency before it expires, the inspection contingency expires. The buyer is then deemed to have accepted the property in its current condition and loses the right to terminate based on inspection findings.
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A buyer in Northampton County, PA includes a contingency for satisfactory review of the property's Certificate of Occupancy (CO). The municipality issues a report showing code violations that must be corrected before a CO can be issued. Under the contingency, who is typically responsible for correcting the violations?
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Under the PAR Agreement of Sale, all of the following items are typically addressed in the property inspection contingency EXCEPT: