A buyer in Erie County enters into a PA Agreement of Sale with a septic contingency. The septic inspection reveals the system is functioning but is non-compliant with current PA DEP regulations. The seller argues the system was compliant when installed 20 years ago. What is the buyer's position under the contingency?
Correct Answer
B) The buyer may terminate or negotiate remediation based on the current non-compliance findings
Under the septic contingency, the buyer can evaluate the current condition and compliance of the septic system. If the system is non-compliant with current regulations, the buyer may terminate the agreement or negotiate with the seller for remediation, regardless of when the system was installed.
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Previous Question
Under the PAR Agreement of Sale, the seller is required to deliver the property in 'broom-clean' condition at settlement. During the walk-through, the buyer finds the property filled with the seller's old furniture and debris. What can the buyer do?
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A buyer in Centre County, PA includes an appraisal contingency in the Agreement of Sale for a property priced at $325,000. The appraisal comes in at exactly $325,000. Is the appraisal contingency satisfied?