A Wisconsin purchase agreement contains an inspection contingency. The buyer's inspector discovers a cracked foundation. The buyer submits a written repair request to the seller, who refuses to make any repairs. Under the standard WB-11 form, what option is available to the buyer?
Correct Answer
A) The buyer may elect to void the contract and recover earnest money if the contingency allows for this outcome.
Under the WB-11 Residential Offer to Purchase inspection contingency provisions, if the seller refuses to make requested repairs or reach an agreement with the buyer, the buyer generally has the option to void the contract and recover earnest money. The inspection contingency is designed to protect buyers from being forced to purchase property with discovered defects when the seller will not remedy them. The buyer's ability to void the contract is a core protection of the contingency.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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.
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