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The Home Inspection Contingency allows for a specified number of days after the Date of Ratification for the Purchaser to conduct inspections at their discretion and expense.
Inspections may include various aspects such as geotechnical, structural, HVAC systems, plumbing, electrical systems, and more, ensuring comprehensive evaluation of the property.
Deficiencies are defined as items that could affect a reasonable person's decision to purchase the property and do not include cosmetic issues or properly functioning systems that do not meet current building codes.
After identifying deficiencies, there is a designated Negotiation Period during which both parties can negotiate terms regarding repairs or remedies.
If an agreement is not reached during the Negotiation Period, the Purchaser has the option to terminate the contract by providing notice within a specified timeframe.
The Purchaser agrees to indemnify and hold harmless the Seller and associated firms from any claims arising from inspections performed under this addendum.
In case of contract termination under this addendum, a Release must be signed by both parties for the return of the Earnest Money Deposit to either Purchaser or Seller.
