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What is an example of an addendum?

A home inspection contingency removal addendum is a legal document that is attached to a home purchase contract. This document outlines the buyers agreement to waive the home inspection contingency, which gives them the right to back out of the contract if they are unhappy with the results of the home inspection.

What does contingency removal mean?

When the loan contingency is removed, the buyer is signaling they have obtained approval for their mortgage or are confident in their ability to finance the purchase, effectively waiving their right to back out of the deal based on financing issues.

What is the purpose of an addendum?

The addendum grants the buyer the right to withdraw from the purchase agreement without penalty if the parties cannot agree to waive, adjust, or negotiate any issues found during the inspection.

What is the meaning of contingent removal?

Contingency removal means the buyer becomes more committed as they risk losing their earnest money deposit if they want to back out after removing their contingencies. The sale has become more certain, and the transaction can proceed.

What is a contingency removal addendum?

An early lease termination addendum is a legal document that allows either the landlord or tenant to cancel their lease agreement. This is commonly permitted at the tenants request and requires at least 30 days notice while paying a termination fee equal to one months rent.

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