In Virginia, when a buyer waives a home inspection contingency in writing before the expiration of the contingency period, what is the legal effect on the purchase contract?
Correct Answer
D) The contract remains fully enforceable, and the buyer proceeds without the right to terminate based on inspection results
When a buyer waives a contingency in writing, that contingency is removed from the contract. The contract remains binding and enforceable, and the buyer loses the right to terminate or renegotiate based on the waived contingency. In Virginia, this is consistent with general contract principles governing contingency waivers.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
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