Updated August 01, 2023
An inspection contingency addendum establishes how the buyer of real estate may opt out of a purchase agreement if an inspection should reveal material defects in the property. It’s in the buyer’s best interests to use this addendum to allow home inspectors, electricians, plumbers, or any other contractors to inspect the premises.
If any objections are found in the property, the buyer and seller will have to negotiate and come to terms, or else the the buyer will be able to be released from the agreement (and their earnest money deposit refunded). The buyer may also waive any objections that are found in the event that the seller chooses not to re-negotiate the terms of the transaction.
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