Get the free home inspection contingency removal addendum

VIRGINIA ASSOCIATION OF REALTORS HOME INSPECTION REMOVAL OF CONTINGENCY ADDENDUM TO RESIDENTIAL CONTRACT OF PURCHASE This Addendum is made on dated and purchase and sale of Property in accordance with the Sales Contract Contract Purchaser Seller for the. between Contract referenced above includes a Home Inspection Contingency. A complete copy of the Inspection report s is/are attached for your information and review. The specific deficiencies of Property that Purchaser requests Seller to...

How to fill out what is a home inspection contingency removal addendum form

How to fill out property inspection contingency removal:

1. Obtain a copy of the property inspection contingency removal form from the appropriate source, such as your real estate agent or attorney.
2. Review the form carefully, ensuring that you understand each section and its requirements.
3. Fill in your personal information accurately, including your name, contact details, and the property address.
4. Indicate the date on which the inspection contingency was initially included in the purchase agreement.
5. State the reason for removing the inspection contingency, providing a brief explanation for your decision.
6. Sign and date the form, acknowledging your understanding of the removal and your consent.
7. Submit the completed form to the necessary parties, such as your real estate agent or attorney, for further processing and documentation.

Who needs property inspection contingency removal:

1. Buyers who have completed thorough property inspections and are confident in the condition of the property.
2. Sellers who wish to proceed with the sale without the contingency of inspection findings impacting the transaction.
3. Both buyers and sellers who have reached an agreement regarding any necessary repairs or adjustments following the inspections.

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What is an example of a home inspection contingency?

Contingencies can include details such as the time frame (for example, “the buyer has 14 days to inspect the property”) and specific terms (such as, “the buyer has 21 days to secure a 30-year conventional loan for 80% of the purchase price at an interest rate no higher than 4.5%”).

What is the biggest reason to make your offer contingent on a home inspection?

The biggest reason to make your offer contingent on a professional home inspection is because it can help you avoid purchasing a home with hidden, expensive, and dangerous problems.

What is a contingency removal addendum?

The contingency removal form is actually designed to cover the removal of both buyer and seller contingencies. The first section of the form focuses on contingencies that allow the buyer to back out. The second section deals with the seller's removal of a seller contingency.

How do you write a contingency clause?

A contingency clause often states that your offer to buy property is contingent upon X,Y, & Z. For example, the contingency clause may state, “The buyer's obligation to purchase the real property is contingent upon the property appraising for a price at or above the contract purchase price.”

What does an inspection contingency in real estate sales contract provide?

An inspection contingency requires a professional home inspection within a certain time frame before a real estate contract can become binding. It ensures that the buyer receives vital information and allows them to negotiate repairs, sale price, or even walk away with their earnest money altogether.

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What is property inspection contingency removal?

A property inspection contingency removal is a clause in a real estate contract that allows the buyer to terminate the contract if they are not satisfied with the results of a home inspection. This contingency allows the buyer to back out of the purchase if the inspector discovers any potential problems with the property. The buyer may be able to negotiate with the seller to repair any issues in order to keep the contract in place.

Who is required to file property inspection contingency removal?

Property inspection contingency removal is typically requested by the buyer after they have had an opportunity to inspect the property and are satisfied with the condition of the property. The buyer is typically the one who is responsible for filing the contingency removal.

How to fill out property inspection contingency removal?

1. Determine the date of the property inspection. 2. Make sure you have access to the property for the inspection. 3. Ask your real estate agent for a copy of the contingency removal form. 4. Fill out the form with the date of the inspection, your name, and the address of the property being inspected. 5. Sign and date the form. 6. Submit the form to the seller's real estate agent or lawyer.

What is the purpose of property inspection contingency removal?

A property inspection contingency removal is a clause in a real estate contract that allows the buyer to cancel the contract if the property fails to meet the agreed-upon standards of inspection. The purpose of this contingency is to protect the buyer from purchasing a property with significant defects that may be costly to repair. It also gives the buyer time to negotiate with the seller to make repairs or lower the purchase price to reflect the cost of repairs.

What information must be reported on property inspection contingency removal?

Property inspection contingency removal typically requires the buyer to acknowledge that they have inspected the property and that they are satisfied with the condition of the property. The report should include a description of the property, the condition of the property, the results of any inspections, and any repairs that need to be made. Additionally, any warranties or guarantees of the condition of the property should be included in the report.

What is the penalty for the late filing of property inspection contingency removal?

The penalty for the late filing of a property inspection contingency removal can vary depending on the specific agreement between the parties involved. In some cases, there may be a provision in the contract that states a late filing can result in the contingency being automatically extended, allowing the buyer to potentially cancel the contract and receive their earnest money back. In other cases, the penalty may involve a monetary fee or a potential legal dispute between the parties. It is important to carefully review the terms of the contract and consult with a legal professional to understand the specific penalties for late filing in your situation.

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