medium · National Real Estate Exam contracts
A purchase agreement includes an inspection contingency with a deadline of 10 days. On day 11, the buyer discovers a major structural defect and sends a notice to terminate.
Which of the following describes the buyer's position?
- The buyer has waived the contingency and is now obligated to perform under the contract.
- The buyer can still terminate because a structural defect is a material fact.
- The contract is automatically void because the home is unsafe.
- The seller is required by law to extend the deadline to allow for further investigation.
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