| The buyers' rights will depend on the wording of the inspection
contingency clause. Generally, buyers have many options after
the inspection. They can offer an addendum to the purchase
agreement to have the seller fix the problems or reduce the
purchase price. (Typically, the presentation of a proposed
addendum does not alter the original purchase agreement and if
the proposed addendum is rejected, the original purchase
agreement is still binding.) They can exercise the contingency
and notify the seller in writing that the purchase agreement is
null and void. Or, they can choose to complete the purchase
under the terms of the contract. |