Inspection addendum 2025

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The document is a Residential Real Estate Sale Agreement outlining the terms and conditions for the sale of property in Oregon. It includes sections on agency relationships, definitions, purchase price, financing contingencies, inspections, title insurance, closing procedures, and dispute resolution. Both Buyer and Seller are advised to seek legal counsel before signing. The agreement emphasizes that the property is sold 'AS-IS' and details responsibilities regarding earnest money deposits and potential tax implications.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Do you have to agree to an addendum?

Both addendums and amendments require the consent and agreement of all parties involved in the original contract. Any party to the contract can propose an amendment or an addendum, but it is necessary for all other parties to agree to the proposed changes before either an addendum or an amendment can be added.

Does a seller have to agree to an addendum?

Sellers might choose not to allow a home inspection for several reasons: Avoiding Negotiations: A home inspection can reveal issues that might lead to renegotiation of the sale price or demands for repairs. By skipping the inspection, sellers may hope to avoid potential price reductions or repair requests.

What is the purpose of an addendum?

Instead of scratching out and handwriting over certain parts of the contract, addendums are drafted and signed to prove both buyer and seller agree. This includes: Modifying the purchase price, closing date, and financing terms.

What makes an addendum invalid?

Both Parties Must Review and Understand the Contract A contract addendum cannot be legally enforced unless both parties fully understand and agree to the new terms in writing. Using clear language and ensuring each term and clause is easily comprehended will help parties avoid misunderstandings.

Does the seller have to accept an amendment?

Where there is a conflict between the terms of a contract and a subsequent amendment to the contract, the latter document controls. A seller who receives a proposed amendment can accept, reject or counter that amendment. Or the seller can do nothing.

Does an addendum nullify a contract?

Key Takeaways The function of an addendum is to modify, clarify, or nullify a portion of the original document, which could be as simple as extending the dates for which the contract is valid or as complex as redefining the payment schedules and deliverables.

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.

Inspection addendum 2025

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