Get the free INSPECTION CONTINGENCY ADDENDUM - Knakmuhs Agency

INSPECTION CONTINGENCY ADDENDUM This form approved by the Minnesota Association of REALTORS, which disclaims any liability arising out of use or misuse of this form. 2011 Minnesota Association of

How to fill out inspection contingency addendum

How to Fill Out Inspection Contingency Addendum:

1. Start by reviewing the existing purchase contract and any applicable local laws or regulations regarding inspections and contingencies. This will ensure you understand the specific requirements and deadlines for completing the addendum.
2. Use the provided inspection contingency addendum form or template, which can typically be obtained from the real estate agent or lawyer involved in the transaction. Make sure it is the correct form for your jurisdiction and complies with local regulations.
3. Begin by entering the relevant identifying information, such as the names of the buyer and seller, the property address, and the date of the addendum. This ensures the addendum is tied to the correct purchase contract.
4. Specify the inspection period, which refers to the timeframe within which the buyer is allowed to conduct inspections on the property. This time is crucial for addressing any concerns or issues that may arise during the inspection process. Insert the starting and ending dates for the inspection period.
5. Outline the specific types of inspections that will be conducted. These can include general home inspections, pest inspections, radon testing, or any other inspections deemed necessary by the buyer. Clearly state what will be inspected to avoid any misunderstandings later on.
6. Indicate who will be responsible for the costs of the inspections. Typically, the buyer pays for any inspections they choose to have conducted. However, there may be instances where the seller agrees to cover certain inspection costs as part of the negotiation process.
7. Specify the course of action if the inspection results reveal any issues or defects. This could include requesting repairs, replacement of certain items, or a credit towards the purchase price. Define the time period within which the negotiation or resolution process must take place.
8. Include language addressing the buyer's options should the inspection results be unsatisfactory. This might involve allowing the buyer to terminate the contract, renegotiate terms, or proceed with the purchase as agreed upon.

Who Needs Inspection Contingency Addendum:

1. Homebuyers who want to ensure they have the opportunity to thoroughly inspect the property they intend to purchase before finalizing the deal.
2. Sellers who agree to include an inspection contingency addendum as part of the purchase contract to give reassurance to the buyer and comply with local regulations.
3. Real estate professionals, including agents and lawyers, who are involved in the transaction and need to ensure all necessary documents are properly completed and executed to protect their clients' interests.

For pdfFiller’s FAQs

What is inspection contingency addendum?

Inspection contingency addendum is a document attached to a real estate purchase contract that allows the buyer to conduct inspections of the property before finalizing the sale.

Who is required to file inspection contingency addendum?

The buyer is typically required to file the inspection contingency addendum.

How to fill out inspection contingency addendum?

To fill out the inspection contingency addendum, the buyer must include their name, property address, inspection period dates, and any specific inspection requests.

What is the purpose of inspection contingency addendum?

The purpose of the inspection contingency addendum is to protect the buyer by allowing them to discover any potential issues with the property before committing to the purchase.

What information must be reported on inspection contingency addendum?

The inspection contingency addendum should include details about the inspection period, inspection requests, and any agreed-upon remedies for issues discovered during the inspection.

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