Get the free INSPECTION CONTINGENCY ADDENDUM - Jim Miner

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. 2009 Minnesota Association of

How to fill out inspection contingency addendum

How to fill out an inspection contingency addendum:

1. Start by reviewing the inspection report: Carefully read through the inspection report provided by the inspector. Take note of any issues or concerns that were identified.
2. Determine the necessary repairs or negotiations: Based on the inspection report, decide which repairs or negotiations you want to address with the seller. Prioritize the issues that are most important to you.
3. Consult with your real estate agent or attorney: It is recommended to consult with a professional, such as a real estate agent or attorney, to ensure that you understand the terms and language used in the addendum. They can provide guidance and explain any legal implications.
4. Complete the addendum form: Obtain the inspection contingency addendum form and fill it out accurately. Provide detailed information about the repairs or negotiations you are requesting.
5. Attach supporting documents: If necessary, attach any additional documents that support your requests. This may include photographs, estimates from contractors, or other relevant evidence.
6. Submit the addendum to the seller: Once the addendum is completed, submit it to the seller or their representative. Make sure to keep a copy for your records.

Who needs an inspection contingency addendum?

1. Homebuyers: If you are purchasing a property, you may need an inspection contingency addendum to address any repairs or negotiations based on the inspection report. This addendum protects you from unforeseen issues that may arise after the inspection.
2. Sellers: Sellers may also need an inspection contingency addendum if they agree to address repairs or negotiate certain terms based on the inspection report. This addendum ensures that both the buyer and seller are on the same page regarding the property's condition.
3. Real estate agents and attorneys: Professionals involved in real estate transactions, such as real estate agents and attorneys, may use an inspection contingency addendum to facilitate negotiations and protect their clients' interests. They play a crucial role in guiding their clients through the process of filling out the addendum.

For pdfFiller’s FAQs

What is inspection contingency addendum?

The inspection contingency addendum is a document added to a real estate contract that allows the buyer to include conditions related to the inspection of the property.

Who is required to file inspection contingency addendum?

The buyer in a real estate transaction 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 any specific inspection conditions they want to include in the contract.

What is the purpose of inspection contingency addendum?

The purpose of the inspection contingency addendum is to protect the buyer by allowing them to include conditions related to the property inspection.

What information must be reported on inspection contingency addendum?

The inspection contingency addendum should include details such as the timeframe for the inspection, who will conduct the inspection, and what will happen if issues are found.

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