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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. 2006 Minnesota Association of
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How to fill out inspection contingency addendum
How to fill out inspection contingency addendum:
01
Start by obtaining a copy of the inspection contingency addendum form from your real estate agent or attorney.
02
Read through the form carefully to understand its purpose and requirements.
03
Fill out the top section of the form which includes the names of the buyer, seller, and property address.
04
Review the terms and conditions of the inspection contingency addendum, such as the inspection period duration and any specific conditions or requirements.
05
If there are any additional terms or changes that you would like to include in the addendum, consult with your real estate agent or attorney.
06
Sign and date the addendum to indicate your agreement with its terms.
07
Provide a copy of the signed addendum to the other party involved in the real estate transaction, usually the seller's agent or attorney.
08
Keep a copy of the addendum for your own records.
Who needs inspection contingency addendum:
01
Buyers: Buyers typically need the inspection contingency addendum to protect their interests and have the opportunity to thoroughly inspect the property before completing the purchase.
02
Sellers: Sellers may also need to be aware of the inspection contingency addendum as it outlines the guidelines and terms regarding the inspections that the buyer may request.
03
Real estate agents and attorneys: These professionals often handle the legal paperwork involved in real estate transactions and can guide both buyers and sellers through the process of filling out the inspection contingency addendum.
Remember, it is always recommended to consult with a real estate professional or attorney to ensure that you properly fill out and understand any legal documents involved in a real estate transaction.
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What is inspection contingency addendum?
An inspection contingency addendum is a document that is added to a real estate contract to specify conditions related to property inspections.
Who is required to file inspection contingency addendum?
The buyer is typically required to file the inspection contingency addendum in a real estate transaction.
How to fill out inspection contingency addendum?
The inspection contingency addendum must be filled out with details of the inspection timeline, any specific inspections to be conducted, and the process for addressing any issues found during the inspections.
What is the purpose of inspection contingency addendum?
The purpose of the inspection contingency addendum is to protect the buyer by allowing them to conduct inspections on the property before finalizing the purchase.
What information must be reported on the inspection contingency addendum?
The inspection contingency addendum must include details of the inspection timeline, specific inspections to be conducted, and the process for addressing any issues found during the inspections.
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