Question

If the buyer wish to retain the right to purchase the property on a conditional offer, even though the intended rezoning is not approved, then a "waiver" should be included in the rezoning condition.

a) True
b) False

Answer 1

In real estate transactions, a waiver can be included to allow a buyer to retain the right to purchase the property, even if rezoning is not approved.

Step-by-step explanation:

If the buyer wishes to retain the right to purchase the property on a conditional offer, even if the intended rezoning is not approved, then a provision or clause typically known as a waiver can be included in the original condition pertaining to rezoning.

Including a waiver allows the buyer to proceed with the purchase despite the outcome of the rezoning application, effectively waiving the contingency that could otherwise nullify the contract if the rezoning were not approved. This is a legal strategy used in real estate transactions to protect the interests of the buyer, ensuring that they have the option to complete the acquisition of the property, if they so choose, irrespective of the rezoning results.