A buyer in Blair County, PA includes a contingency for satisfactory review of the property survey. The survey reveals that the neighbor's fence encroaches 2 feet onto the property. Under the survey contingency, what can the buyer do?
Correct Answer
D) The buyer may terminate, negotiate with the seller to resolve the encroachment, or accept the property as-is
Under a survey contingency, the buyer can evaluate survey findings including encroachments. The buyer may terminate the agreement, negotiate with the seller to resolve the issue (such as requiring the neighbor to move the fence or obtaining a written agreement), or accept the property with the encroachment.
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Previous Question
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?
Next Question
A buyer in Adams County enters into a PA Agreement of Sale with a mortgage contingency. The buyer receives a mortgage commitment letter, but the commitment expires before the settlement date. The buyer's lender refuses to extend the commitment. What is the buyer's position?