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PROPERTY INSPECTION CONTINGENCY ADDENDUM This is an addendum to the Contract of Purchase dated between (“Seller “) and (Purchaser) for the property located at (“Property “). PART I TERMS OF
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How to fill out property inspection contingency addendum

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How to fill out property inspection contingency addendum:

01
Start by obtaining the property inspection contingency addendum form from your real estate agent or attorney.
02
Begin by filling out the header section of the addendum, which includes the names and contact information of the parties involved, such as the buyer, seller, and agent.
03
Next, carefully read through the terms and conditions of the addendum to understand the rights and responsibilities of both the buyer and seller regarding property inspections.
04
If there are any specific deadlines or time frames mentioned in the addendum, make note of them and ensure that you adhere to them accordingly.
05
As the buyer, you may have the option to choose a professional inspector to conduct the property inspection. If so, provide the name and contact information of the inspector in the appropriate section of the addendum.
06
Take your time to thoroughly inspect the property and conduct any necessary tests or evaluations. Make sure to document any findings or concerns during the inspection process.
07
Once the property inspection is complete, review the inspector's report carefully. If any repairs or further negotiations are required based on the findings, you can outline them in the addendum.
08
If you and the seller have agreed to any repairs or remedies, specify them clearly in the addendum. Include details such as the scope of work, estimated costs, and who will be responsible for completing the repairs.
09
Both parties must review and sign the completed property inspection contingency addendum, indicating their agreement with the terms and any negotiated repairs or remedies.
10
Keep a copy of the fully executed addendum for your records and provide copies to the other involved parties, such as the seller and your real estate agent.

Who needs property inspection contingency addendum?

Property inspection contingency addendum is typically needed in real estate transactions where the buyer wishes to have a thorough inspection of the property before finalizing the purchase. This addendum provides the buyer with the right to inspect the property and negotiate any repairs or remedies based on the inspection findings. It is often used to protect the buyer's interests and ensure that the property meets their expectations and requirements. However, the inclusion of a property inspection contingency addendum can vary depending on local laws, regulations, and the specific terms negotiated between the buyer and seller. It is recommended to consult with a real estate agent or attorney to determine whether a property inspection contingency addendum is necessary in your situation.
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Property inspection contingency addendum is a document that allows a buyer to opt out of a contract if significant issues are found during a property inspection.
The buyer is typically required to file the property inspection contingency addendum.
The property inspection contingency addendum should be filled out with details about the inspection findings and any requested repairs or credits.
The purpose of the property inspection contingency addendum is to protect the buyer from purchasing a property with undisclosed or significant issues.
The property inspection contingency addendum should include details about the inspection results, requested repairs, and any credits requested by the buyer.
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