What action would a purchaser take if they find a mistake in the lot's size after signing a property purchase agreement but wish to proceed?

Study for the California Real Estate Broker Exam. Utilize flashcards and multiple choice questions, each with hints and explanations. Prepare efficiently and effectively for your licensing exam!

When a purchaser discovers a mistake in the lot size after signing a property purchase agreement, seeking a reformation is a practical action to consider if they wish to proceed with the transaction. Reformation is a legal remedy that allows the contract to be modified to reflect the true intentions of the parties involved—essentially correcting the mistake.

In this scenario, since the buyer still wants to go forward with the purchase but acknowledges the error, reformation allows the terms of the agreement, specifically regarding the lot size, to be adjusted appropriately. This helps to clarify the agreement and ensures that both parties have an accurate understanding of the property being transacted.

The other options involve terminating or disputing the contract instead of modifying it, which doesn't align with the buyer's desire to proceed with the purchase. By opting for reformation, the buyer can maintain the transaction while addressing the mistake in a constructive manner.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy