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Print Form Clear Form 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. 2010 Minnesota

How to fill out inspection contingency addendum

How to fill out an inspection contingency addendum:

1. Start by reviewing the terms of the original purchase agreement: Before filling out the inspection contingency addendum, familiarize yourself with the terms and conditions specified in the original purchase agreement. This will give you a better understanding of the specific requirements and obligations involved.
2. Identify the inspection contingency addendum form: Locate the official inspection contingency addendum form provided by your state's real estate association or the applicable local authority. This document may also be available on the website of your real estate agent or brokerage.
3. Enter the property information: Begin filling out the addendum form by entering the relevant information about the property being purchased. This typically includes the property address, legal description, and any unique identifiers such as parcel numbers or tax identification numbers. Double-check the accuracy of this information before proceeding.
4. Specify the inspection period: The inspection contingency addendum typically establishes a specific timeframe within which the buyer is allowed to conduct inspections. Indicate the start and end dates of this inspection period, ensuring that it aligns with the requirements outlined in the original purchase agreement.
5. Describe the inspection rights and responsibilities: In this section, outline the rights and responsibilities of both the buyer and the seller with regards to property inspections. This may include details such as the type of inspections allowed, who will pay for them, and any other specific requirements or limitations. Be clear and concise in describing these details to avoid ambiguities.
6. Determine how to address inspection findings: Specify the procedure for addressing the findings of the property inspections. This usually includes options for the buyer, such as requesting repairs or credits, or even canceling the purchase agreement if certain conditions are not met. Clearly state the recourse available to both parties in the event that inspection issues arise.
7. Sign and date the addendum: Once you have completed filling out the inspection contingency addendum, ensure that all involved parties, including the buyer, seller, and their respective agents or representatives, sign and date the document. This confirms their agreement to the terms and conditions stipulated.

Who needs an inspection contingency addendum?

An inspection contingency addendum is typically beneficial for both buyers and sellers in a real estate transaction. It provides protection and clarification for the buyer, ensuring that they have the opportunity to inspect the property thoroughly before finalizing the purchase. This allows them to uncover any potential issues or defects and negotiate repairs or credits if necessary. For sellers, the addendum provides transparency and sets clear expectations regarding the inspection process, reducing the risk of misunderstandings or disputes. Ultimately, both parties benefit from utilizing an inspection contingency addendum to safeguard their interests.

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What is inspection contingency addendum?

An inspection contingency addendum is a document that allows a buyer to request specific inspections on a property before finalizing the purchase.

Who is required to file inspection contingency addendum?

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

How to fill out inspection contingency addendum?

To fill out an inspection contingency addendum, the buyer must specify the type of inspections they want, schedule them, and ensure they are completed within the agreed-upon timeline.

What is the purpose of inspection contingency addendum?

The purpose of an inspection contingency addendum is to protect the buyer by allowing them to uncover any potential issues with the property before closing the deal.

What information must be reported on inspection contingency addendum?

The inspection contingency addendum must include details of the inspections requested, the timeline for completion, and any contingencies based on the inspection results.