Updated on January 15th, 2021
The inspection contingency addendum is typically requested to be attached to the real estate sales contract by the purchasing party. The contingency included within the addendum basically states that the buyer has a specified amount of time to have a professional inspection conducted on the property for sale. If there is a substantial defect found during the course of the inspection, the buyer will have the right to negotiate a new deal with the owner or void the purchase agreement altogether and recover their earnest money deposit. Some of the elements of the inspection that can be addressed in this form include determining which party is responsible for covering the cost of the examination, whether or not the seller may continue marketing the property while the addendum is in effect, and the date by which the defects must be reported to the seller.
Find a Certified Home Inspector – The American Society of Home Inspectors offers a directory on their website that allows visitors to lookup licensed specialists in their area.