Get Inspection Contingency Addendum

The contingency removal form is actually designed to cover the removal of both buyer and seller contingencies. ... As long as the seller contingency is in place, the homeowner can cancel the escrow and kill the deal, leaving the buyer with no recourse to move the contract forward.

Home sale contingencies are clauses in a real estate sales contract that protect buyers who want to sell one home before purchasing another. If the buyer's house sells by a certain date, the sale moves forward if not, a buyer can walk away.

These conditions are called "contingencies" because they make the closing contingent upon certain requirements being met before closing. Most of the time, contingencies relate to issues such as financing, inspections, insurance, and appraisals.

Standard contingencies include things like a buyer's inspection of the house and satisfaction with the condition that the house is in. Contingencies such as these are often considered a matter of course and their presence within a purchase agreement will likely not be contested.

A second buyer's addendum is an addendum to a purchase and sale agreement between a seller and a second buyer. This agreement states that if the first buyer does not close the sale or waive the contingency within a specified time period, the first sale will terminate and this second agreement will become effective.

A real estate contract may include a 10 day inspection contingency, during which time the buyer is allowed to have the property inspected to reveal any potential issues that could void the contract.