Tennessee Inspection Addendum Form
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People also ask
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What is the inspection addendum?
inspection addendum or clause. in a contract to buy or sell real estate, a clause or attachment that allows the buyer (or a qualified party) to inspect the property. If repairs are needed, the seller may be allowed to perform the repairs up to a dollar limitation or choose not to sell.
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How to write a contingency offer on a house?
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%”).
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What are examples of contingencies?
A contingency is a potentially negative future event or circumstance, such as a global pandemic, natural disaster, or terrorist attack. By designing plans that take contingencies into account, companies, governments, and individuals are able to limit the damage done by such events.
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How to write an addendum to a real estate contract?
How to Create an Addendum to a Real Estate Contract Step 1 – Review the Original Purchase Agreement. ... Step 2 – Define the Desired Additions or Changes. ... Step 3 – Draft the Addendum. ... Step 4 – Obtain Both Parties' Signatures. ... Step 5 – Attach the Addendum to the Original Purchase Agreement. ... Step 6 – Distribute Copies.
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How to write a contingency clause?
A contingency clause should clearly outline the conditions, how the conditions are to be fulfilled, and which party is responsible for fulfilling them. The clause should also provide a timeframe for what happens if the condition is not met.
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How do you write an addendum for repairs?
Here are some tips when writing a repair addendum. Be as clear as possible about what the issue is and how you want it remedied. Outline who should do the work (even if it's in the boiler plate language, it doesn't hurt to reiterate it). Have a deadline for when the work is to be done.
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What is the biggest red flag in a home inspection?
When shopping for a new home, look for these common findings that appear in home inspection reports and learn how to avoid repairs that can cost you. Roof Issues. ... Foundation Problems. ... Signs of Mold or Mildew. ... Termites and Other Pests. ... Water Stains or Damage. ... Other Issues.
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How to write a home inspection contingency?
An inspection contingency clause states something like, “Buyer's obligation to purchase is contingent upon Buyer's inspection and approval of the condition of the property.” Another variation states that the Buyer may hire a home inspector to inspect the property and that the Seller must fix any issues found by the ...
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