Under the PAR Agreement of Sale, which of the following is NOT a reason that would allow a buyer to exercise the inspection contingency to terminate the agreement?
Correct Answer
B) The buyer's change of mind about wanting to live in the neighborhood
The inspection contingency is intended for property condition issues discovered through inspection, not for buyer's remorse or personal preferences about the neighborhood. Changing one's mind about the neighborhood is not a legitimate basis for exercising the inspection contingency.
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A buyer in Carbon County has a mortgage contingency in the PA Agreement of Sale specifying an FHA loan with 3.5% down payment. The lender offers the buyer a conventional loan with 5% down payment instead. Under the mortgage contingency, what is the buyer's position?
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In a PA real estate transaction, the buyer includes a contingency requiring satisfactory results from a sewer lateral inspection. What does a sewer lateral inspection evaluate?