Under Washington real estate practice, a buyer's inspection contingency gives the buyer the right to do which of the following?
Correct Answer
C) Have the property inspected and, if unsatisfied with the results, negotiate repairs or terminate the contract
An inspection contingency in Washington gives the buyer the right to have the property professionally inspected within a specified timeframe. If the buyer is not satisfied with the inspection results, the buyer may request repairs, request a price reduction, or terminate the contract and recover earnest money. The contingency does not automatically obligate the seller to make repairs — it opens a negotiation window or provides an exit right.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
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