A buyer in Cambria County includes an environmental contingency in the PA Agreement of Sale due to a former gas station adjacent to the property. The Phase I environmental assessment identifies potential soil contamination requiring further testing. Under the contingency, what can the buyer do?
Correct Answer
C) The buyer may request a Phase II assessment, negotiate remediation, or terminate the agreement
Under an environmental contingency, the buyer may request additional testing (Phase II assessment), negotiate with the seller regarding remediation responsibilities, or terminate the agreement if the environmental findings are unsatisfactory.
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Previous Question
A buyer in Pennsylvania asks their agent what happens if the appraisal comes in higher than the purchase price. Under the appraisal contingency in the PAR Agreement of Sale, which statement is correct?
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A buyer in Pike County, PA includes a contingency in the Agreement of Sale for review of the property's deed restrictions. The review reveals that the deed prohibits any commercial use of the property. The buyer planned to operate a bed-and-breakfast. Can the buyer terminate under this contingency?