A buyer offers $400,000 for a property, with a condition on obtaining a satisfactory home inspection report by 6:00 PM on May 10th. The seller accepts. On May 9th, the buyer receives the inspection report that identifies significant structural damage. What are the buyer's options regarding the purchase contract?

Question: A buyer offers $400,000 for a property, with a condition on obtaining a satisfactory home inspection report by 6:00 PM on May 10th. The seller accepts. On May 9th, the buyer receives the inspection report that identifies significant structural damage. What are the buyer's options regarding the purchase contract?

Answer options: ✅ The buyer can unilaterally terminate the contract, providing notice to the seller.

• The buyer can waive the condition and proceed with the purchase.
• The buyer must attempt to negotiate repairs with the seller before making a decision.
• The buyer is legally obligated to proceed as long as the seller agrees to repair the damage.

Correct answer: The buyer can unilaterally terminate the contract, providing notice to the seller.

Explanation: If a condition precedent, such as a satisfactory home inspection, is not met to the buyer's satisfaction, the buyer typically has the right to terminate the contract by providing notice to the seller, effectively making the contract null and void. The buyer is not obligated to negotiate repairs or waive the condition if it's not satisfactory.