Inspection Contingency - Addendum To Purchase Agreement Date ______________________Page _______________ of _________________ Pages
Addendum to Purchase Agreement between parties:
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dated______________________, pertaining to the purchase and sale of the property at:
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This Purchase Agreement noted above is contingent upon an inspection of the property to determine the condition and performance relative to the intended function of the following
checked items:
( ) Central heating system
( ) Foundation
( ) Central cooling system
( ) Plumbing system
( ) Electrical system
( ) Exterior
( ) Roofs
( ) Walls
( ) Basement
( ) Ceilings
( ) Floors
( ) other
(specify):____________________________________________________________________
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____________________________________________________________________________
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( ) All of the above.
( ) Complete Home inspection.
The inspection shall be performed by an inspector of the Buyer(s) choice. Inspector should be qualified to do inspection as evidenced by a license or professional designation. Buyer shall satisfy Seller as to the qualifications of the Inspector(s). Said inspection shall be at the ( Buyer's / Seller's) sole expense. Seller agrees to make the property reasonably available for said inspection.
Any inspection or tests done by FHA, VA, or other governmental unit shall be done and paid for
in accordance with the applicable regulations and are not part of this inspection Contingency.
Routine maintenance items are not part of this contingency.
The inspection shall be done within ____ business days of final acceptance of this Purchase Agreement. If Buyer or anyone representing Buyer discovers any defects in the above specified
components of the property, Buyer must notify Seller or Seller's agent in writing, describing such defects within ____business days after the inspection. The Buyers objections shall be limited to
deficiencies that adversely affect the structural and/or mechanical integrity of the building or its components or the health and safety of the occupants. If the Buyer notifies the Seller of such
defects, and if within ____ business days after such notice Buyer and Seller have not agreed in writing as to whether repairs will be performed, defects waived, or an adjustment to the purchase price made, the Purchase Agreement will automatically become null and void without further notice required, and all deposits or earnest money paid by Buyer will be promptly refunded.
Buyer and Seller agree to sign Cancellation of Purchase Agreement, and thereafter neither party will have any further liability to the other. However, notwithstanding any provision to the contrary, or any notice given, the Buyer may unilaterally waive defects, providing that the Buyer notifies Seller or Seller's Agent of waiver in writing within the time specified. If Buyer fails to have the inspection performed, or does not notify Seller within time specified above, this contingency
shall be deemed removed and the Purchase Agreement shall be in full force and effect.
Seller and/or Seller s agent (SHALL) (SHALL NOT) have the right to continue to offer the property for sale until this contingency is removed.
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(Seller) (Date)
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(Seller) (Date)
__________________________________________ ________________________________
(Buyer) (Date)
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(Buyer) (Date) This document and accompanying materials are designed to provide authoritative information in regard to the subject matter covered in it. It is for illustration purposes only and presented with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional opinions. If legal advice or other expert assistance is required, the services of a competent professional should be sought. |
