Question

The meaning of the word "waiver," as it is applied to real estate contracts, most nearly means:

a. Termination of the contract.
b. A voluntary surrender of rights.
c. Enforcement of contract terms.
d. Extension of the contract period.

Answer 1

Waiver in the context of real estate contracts refers to a voluntary surrender of rights.

Step-by-step explanation:

Waiver in the context of real estate contracts refers to a voluntary surrender of rights. When a party waives their rights, they are giving up certain privileges or claims under the contract. This could include waiving the right to terminate the contract or enforcing certain contract terms.

For example, if a buyer waives their right to perform a property inspection, they are surrendering their right to request repairs or renegotiate the contract based on any issues discovered during the inspection.