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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 contingency removal 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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People Also Ask about home inspection contingency removal addendum

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 home inspection contingency removal?

Home inspection contingency removal refers to the process of formally waiving the contingency clause in a real estate contract that allows buyers to have a home inspection before finalizing the purchase. Once removed, the buyer cannot negotiate repairs or ask for credits based on the inspection findings.

Who is required to file home inspection contingency removal?

Typically, the buyer is required to file the home inspection contingency removal once they have completed their inspections and are satisfied with the property's condition. This is often done in consultation with their real estate agent.

How to fill out home inspection contingency removal?

To fill out a home inspection contingency removal, the buyer should specify the property address, indicate that they are removing the contingency clause, sign and date the form, and possibly include any additional remarks about the inspection findings.

What is the purpose of home inspection contingency removal?

The purpose of home inspection contingency removal is to demonstrate that the buyer is satisfied with the home's condition and is ready to proceed with the purchase. It allows the sale to move forward without further negotiation based on inspection results.

What information must be reported on home inspection contingency removal?

The home inspection contingency removal should include the property address, the parties involved (buyer and seller), the date of the removal, and the buyer's signature. It may also include notes regarding the inspection results or repairs requested.