INSPECTION CONTINGENCY Clause Samples
An inspection contingency is a contractual provision that allows a buyer to have the property professionally inspected before finalizing the purchase. This clause typically gives the buyer a set period to conduct inspections and negotiate repairs or request credits if significant issues are discovered. Its core function is to protect the buyer from unforeseen property defects, ensuring they are not obligated to proceed with the purchase if the inspection reveals major problems.
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INSPECTION CONTINGENCY. The obligations of the Buyer as set forth in this Agreement are contingent upon Buyer’s inspection of the Property. The Buyer shall have the right to conduct an inspection of the Property within days of the Effective Date. The choice and appointment of the inspector shall be the sole discretion of the Buyer who shall also solely bear the costs of the same. The time and date of the inspection shall be at the option of the Buyer but must be at a reasonable time and notice. In the event that upon completion of the inspection, the Buyer is not satisfied with the state of the Property, the Buyer shall notify the Seller of the unsatisfactory conditions and request the Seller to remedy the same. The Seller shall have days after receiving such notice to remedy the same. In the event that the Seller refuses to allow access to the Property to accommodate the inspection or fails to remedy the unsatisfactory conditions stated in the notice, the Buyer may, in the Buyer’s sole discretion, accept the Property as it is and proceed with the purchase under this Agreement, or terminate this Agreement and recover the ▇▇▇▇▇▇▇ Money, costs incurred in relation to this Agreement and
INSPECTION CONTINGENCY. On or before the date that is thirty (30) days after the Effective Date, TRMC shall deliver to TLO written notice of (a) TRMC’s satisfaction or waiver, in TRMC’s sole discretion, with respect to the results of the inspection contingency stated in this Section 4, or (b) the failure of this condition. If TRMC fails to timely deliver such notice to TLO, then this condition shall be deemed not satisfied, and TRMC shall be under no obligation to proceed with the repurchase of the Rail Facility. If TRMC’s inspection contingency followed the exercise of the Right of First Refusal, then following TLO’s receipt of notice of the failure of this inspection contingency by TRMC (or TRMC’s failure to timely deliver the required notice to TLO), TLO shall be free to sell the Rail Facility to the third party submitting the Purchase Offer on the Purchase Terms, and TRMC’s Right of First Refusal, and TLO’s obligation under this Agreement, shall be null and void and without further force or effect. If TLO fails to enter into a Purchase and Sale Agreement with the third party submitting the Purchase Offer on the Purchase Terms, or thereafter the transaction fails to close, then TRMC’s Right of First Refusal shall continue in accordance with the terms of this Agreement for so long as TLO owns the Rail Facility. If TRMC timely notifies TLO of the satisfaction of this condition, then TRMC shall deposit into escrow, with First American Title Insurance Company or such other title insurance company as is satisfactory to the parties (the “Title Company”), an amount equal to two percent (2%) of the Repurchase Price, and the parties shall proceed to close the repurchase transaction within sixty (60) days thereafter.
(a) TLO shall make available for inspection by TRMC and its agents as soon as possible, but no later than ten (10) days after the Effective Date, all documents in the possession of TLO or its agents relating to the ownership and operation of the Rail Facility, including without limitation; (i) statements for real estate taxes, assessments, and utilities; (ii) plans, specifications, permits, drawings, surveys, reports, and maintenance records; (iii) accounting records and audit reports; (iv) all current operating agreements and contracts affecting the Rail Facility with railroad companies or other third parties, and (v) any environmental reports, or portions thereof, relating to the Rail Facility.
(b) TLO shall permit TRMC and its agents, at TRMC’s sole expense and risk, to ...
INSPECTION CONTINGENCY. The BUYER and BUYER’s consultants shall have the right of access to the Property for the purpose of conducting a home inspection, at reasonable times, upon twenty-four (24) hours advance notice to the SELLER’s Agent. Inspections may, at BUYER’s option and expense, include but are not limited to: inspections for structural and mechanical matters, pests, including wood-boring insects, lead paint, mold, asbestos, radon gas, other hazardous substances, underground tanks, septic system, well water, wetlands and environmental conditions and building code compliance. Should BUYER receive an unsatisfactory inspection, BUYER may cancel this Agreement by written notice received by the Listing Broker or Seller’s Attorney no later than 5:00 p.m. on the Inspection Contingency Date, whereupon all obligations of the parties shall cease and BUYER’s deposits shall be promptly returned in full. BUYER’s failure to give such notice shall be a waiver of BUYER’s right to cancel under this Paragraph. In consideration of BUYER’s right to inspect and terminate, BUYER acknowledge that by accepting the deed BUYER accepts the condition of the Premises and releases the SELLER, SELLER’s Agency and BUYER’s Agents, from any and all liability relating to any defects in the Premises including, without limitation, water seepage from any source.
INSPECTION CONTINGENCY. Buyer acting by representatives of ▇▇▇▇▇’s choice shall complete the inspections, tests, assessments and title search of the Property as designated in Paragraph 9 prior to the “Inspection Completion Date” or the “Title Search Completion Date”, as the case may be. If, based upon such inspections, tests, assessments and title search, ▇▇▇▇▇ is not reasonably satisfied with the title or physical condition of the Property and so notifies the Seller or the Seller’s Attorney in writing, by certified mail, facsimile or hand delivery, not later than two business days after the “Inspection Completion Date,” or the “Title Search Completion Date,” as the case may be, this Contract shall be deemed terminated by such Notice and the Deposit shall be returned to the Buyer. Absent timely notice hereunder, terminating this Contract, this contin- gency shall be deemed satisfied and this Contract shall continue in full force and effect. Buyer Initials Seller Initials
INSPECTION CONTINGENCY. The agreement provides that the purchase is contingent upon the buyer’s inspection. The buyer can request the seller fix or repair any unsatisfactory conditions. You can choose whether or not to include a date by which the buyer and seller must agree on repairs. Step 11 – Write Down Title Insurance Details 17.
INSPECTION CONTINGENCY a) Inspections shall be completed and results reported to Seller on or before 5:00 P.M. on:
b) Seller agrees to permit Buyer’s designees to inspect the real property during the period from Seller’s acceptance until the date set forth in (a) above. If Buyer is not satisfied with the physical condition of the real property, and so notifies Seller in writing prior to the date specified in (a) above, then Buyer may at Buyer’s option terminate this Agreement. Buyer may give Seller the option to correct the conditions that are unsatisfactory to the Buyer. Should Buyer elect to terminate this Agreement or Seller is unwilling to correct any unsatisfactory conditions the Buyer shall notify Seller on or before 5:00PM. on: of Buyer’s election to terminate this Agreement and if terminated this Agreement shall be null and void and any deposit monies paid hereunder shall be returned immediately to Buyer and neither Buyer nor Seller shall have any claims against each other under the terms of this Agreement. If Buyer fails to notify Seller as provided herein, this contingency shall be deemed satisfied and this Agreement shall continue in full force and effect.
c) If initiated here , Buyer does NOT choose to have any inspections performed and WAIVES any rights to object to any defects in the property that would have been disclosed by a full and complete inspections.
INSPECTION CONTINGENCY. Buyer has ten (10) business days from acceptance of this offer to conduct an inspection. Buyer may rescind this offer for any reason whatsoever within that ten
INSPECTION CONTINGENCY. Notwithstanding any term or provision of the Agreement to the contrary, the obligation of Buyer to purchase the Property from Seller is contingent upon the satisfaction, or waiver in writing by Buyer, of the following general feasibility contingency. Pursuant to this contingency, Seller hereby grants to Buyer, its engineers, consultants and agents, a license to go upon the Property for the purpose of making inspections and conducting feasibility studies with respect to the Property as deemed appropriate by Buyer in Buyer’s sole discretion, including, without limitation, physical site inspections and utilities, drainage, soil tests, hazardous waste studies including a Phase I and a Phase II as deemed appropriate, zoning studies, flood control, appraisal, marketability and economic feasibility studies (the “Feasibility Study”). Buyer shall diligently pursue its Feasibility Study and shall have the right to conduct its Feasibility Study as Buyer deems appropriate in Buyer’s sole discretion. Unless otherwise mutually agreed by the parties, Buyer shall bear all costs and expenseі of the Feasibility Study.
INSPECTION CONTINGENCY. Broker(s) recommend that Buyer conduct independent private inspection(s) of property at ▇▇▇▇▇’s expense. Due diligence may include, but is not limited to, any inspection(s) or research deemed necessary by Buyer, including; structural integrity, condition of mechanical systems, environmental status, health or safety conditions, surveys or infestation. To ensure intended use of premises it is recommended that Buyer research: square footage; building and use restrictions; easements, ordinances; regulations; school district, and/or property tax status. If ▇▇▇▇▇ DOES NOT notify Seller, in writing, within _ __ _ calendar days from date of final acceptance of Agreement that Buyer is dissatisfied with results of due diligence, Agreement shall be binding without regard to said inspection(s). If ▇▇▇▇▇ notifies Seller, in writing and within specified time, that, in ▇▇▇▇▇’s sole judgment, ▇▇▇▇▇ is dissatisfied with results of due diligence, Buyer shall do one, or a combination, of the following within the contingency period stated above.
A. Present to Seller an amendment for mutual agreement that cites a list of repairs and/or conditions to be remedied.
B. Present to Seller an amendment for mutual agreement with a credit to be applied against the purchase price, and/or a price reduction, in full satisfaction of inspection contingency.
C. Present to Seller a Notice of Dissatisfaction with due diligence which shall render Agreement null and void, in which case Seller agrees to authorize Broker to return all ▇▇▇▇▇▇▇ monies to Buyer.
D. In the event Seller and Buyer are unable to reach an Agreement to Buyer’s proposals made under A or B, Buyer shall either elect to proceed with transaction by waiving this contingency in writing, or declare Agreement void by election of C within 3 calendar days of receipt of Seller’s written response to A or B above.
INSPECTION CONTINGENCY. The County has conducted an inspection of the Property and the Parties agree that a further inspection regarding the presence of asbestos and estimation of costs of abatement will further be conducted at the County’s cost, which may affect additional terms of this Agreement. The County waives any further inspection contingencies.