Common use of Buyer’s Inspection and Resolution Clause in Contracts

Buyer’s Inspection and Resolution. Within days after the Binding Agreement Date (“Inspection 251 Period”), Buyer shall cause to be conducted any inspection provided for herein, including but not limited to the 252 Wood Destroying Insect Infestation Inspection Report AND shall provide written notice of such to Seller using the 253 Buyer Inspection Contingency Removal/Notification form or equivalent written notice as described below. In said 254 notice Buyer shall either: 255 (1) furnish Seller with a list of written specified objections and immediately terminate this Agreement, 256 provided Buyer has conducted a Home Inspection or other inspection(s) as allowed herein, and in good 257 faith discovers matters objectionable to Buyer within the scope of such inspection(s). As additional 258 consideration for Buyer’s right to terminate, Buyer shall deliver to Seller or Seller’s representative, upon 259 Seller’s request, a copy of all inspection reports. All Xxxxxxx Money shall be returned to Buyer upon 260 termination. 261 OR 262 (2) accept the Property in its present “AS IS” condition with any and all faults and no warranties expressed or 263 implied. Seller has no obligation to make repairs. 264 OR 265 (3) furnish Seller a copy of any and all inspection report(s) and a written list of items set forth in the inspection 266 report(s) which Buyer requires to be repaired and/or replaced with like quality or value in a professional 267 and workmanlike manner. 268 a. Resolution Period. Seller and Buyer shall then have a period of days following receipt of 269 the above stated written list (“Resolution Period”) to reach a mutual agreement as to the items to 270 be repaired or replaced with like quality or value by Seller, which shall be evidenced by the Buyer 271 Inspection Contingency Removal/Notification, the Repair Counter Proposal form, or written 272 equivalent(s). The parties agree to negotiate repairs in good faith during the Resolution Period. 273 In the event Seller and Buyer do not reach a mutual written resolution during such Resolution 274 Period or a mutually agreeable written extension thereof as evidenced in an Amendment to this 275 Agreement signed by both parties within said period of time, this Agreement is hereby terminated. 276 If terminated, Buyer is entitled to a refund of the Xxxxxxx Money. 277 □ E. Waiver of All Inspections. THIS BOX MUST BE CHECKED TO BE PART OF THIS AGREEMENT. 278 Buyer, having been advised of the benefits of inspections, waives any and all Inspection Rights under this 279 Paragraph 8 (including but not limited to the Wood Destroying Insect Infestation Inspection Report).

Buyer’s Inspection and Resolution. Within days after the Binding Agreement Date (“Inspection 251 277 Period”), Buyer shall cause to be conducted any inspection provided for herein, including but not limited to the 252 278 Wood Destroying Insect Infestation Inspection Report AND shall provide written notice of such to Seller using the 253 Buyer Inspection Contingency Removal/Notification form or equivalent written notice as 279 described below. In the event Buyer fails to timely make such inspections and respond within said 254 timeframe as 280 described herein, the Buyer shall have forfeited any rights provided under this Section 7, and in such case shall 281 accept the Property in its current condition, normal wear and tear excepted. 282 In said notice Buyer shall either: 255 283 (1) In consideration of Buyer having conducted Buyer’s good faith inspections as provided for herein, the 284 sufficiency of such consideration being hereby acknowledged, Buyer shall furnish Seller with a list of 285 written specified objections and immediately terminate this Agreement, 256 provided Buyer has conducted a Home Inspection Agreement via the Notification form or other inspection(s) as allowed herein, and in good 257 faith discovers matters objectionable to Buyer within the scope of such inspection(s). As additional 258 consideration for Buyer’s right to terminate, Buyer shall deliver to Seller or Seller’s representative, upon 259 Seller’s request, a copy of all inspection reports286 equivalent written notice. All Xxxxxxx Money/Trust Money shall be returned to Buyer upon 260 termination. 261 287 OR 262 288 (2) accept the Property in its present “AS IS” condition with any and all faults and no warranties expressed or 263 implied289 implied via the Notification form or equivalent written notice. Seller has no obligation to make repairs. 264 290 OR 265 291 (3) furnish Seller a copy of any and all inspection report(s) and a written list of items set forth in the inspection 266 report(s) which Buyer requires to be repaired and/or replaced with like quality or 292 value in a professional 267 and workmanlike manner. 268 Seller shall have the right to request any supporting 293 documentation that substantiates any item listed. 294 a. Resolution Period. Seller and Buyer shall then have a period of days following receipt of 269 DRAFT 295 the above stated written list (“Resolution Period”) to reach a mutual agreement as to the items to 270 296 be repaired or replaced with like quality or value by Seller, which shall be evidenced by the Buyer 271 Inspection Contingency Removal/Notification, the 297 Repair Counter Proposal form, / Replacement Amendment or written 272 equivalent(s). The parties agree to negotiate repairs 298 in good faith during the Resolution Period. 273 In the event Seller and Buyer do not reach a mutual 299 written resolution during such Resolution 274 Period or a mutually agreeable written extension thereof 300 as evidenced in an Amendment to this 275 Agreement signed by both parties within said period of 301 time, this Agreement is hereby terminated. 276 If terminated, Buyer is entitled to a refund of the 302 Xxxxxxx Money/Trust Money. 277 303 □ E. Waiver of All Inspections. THIS BOX MUST BE CHECKED TO BE PART OF THIS AGREEMENT. 278 304 Buyer, having been advised of the benefits of inspections, waives any and all Inspection Rights under this 279 Paragraph 8 305 Section 7 (including but not limited to the Wood Destroying Insect Infestation Inspection Report).

Buyer’s Inspection and Resolution. Within days after the Binding Agreement Date (“Inspection 251 Period”), 292 Buyer shall cause to be conducted any inspection provided for herein, including but not limited to the 252 Wood 293 Destroying Insect Infestation Inspection Report AND shall provide written notice of such to Seller using the 253 Buyer Inspection Contingency Removal/Notification form or equivalent written notice as described below. 294 In the event Buyer fails to timely make such inspections and respond within said timeframe as described herein, 295 the Buyer shall have forfeited any rights provided under this Section 7, and in such case shall accept the Property 296 in its current condition, normal wear and tear excepted. 297 In said 254 notice Buyer shall either: 255 298 (1) In consideration of Buyer having conducted Buyer’s good faith inspections as provided for herein, the 299 sufficiency of such consideration being hereby acknowledged, Buyer shall furnish Seller with a list of written 300 specified objections and immediately terminate this Agreement, 256 provided Buyer has conducted a Home Inspection Agreement via the Notification form or other inspection(s) as allowed herein, and in good 257 faith discovers matters objectionable to Buyer within the scope of such inspection(s). As additional 258 consideration for Buyer’s right to terminate, Buyer shall deliver to Seller or Seller’s representative, upon 259 Seller’s request, a copy of all inspection reportsequivalent 301 written notice. All Xxxxxxx Money/Trust Money shall be returned to Buyer upon 260 termination. 261 302 OR 262 303 (2) accept the Property in its present “AS IS” condition with any and all faults and no warranties expressed or 263 implied304 implied via the Notification form or equivalent written notice. Seller has no obligation to make repairs. 264 305 OR 265 306 (3) furnish Seller a copy of any and all inspection report(s) and a written list of items set forth in the inspection 266 report(s) which Buyer requires to be repaired and/or replaced with like quality or 307 value in a professional 267 and workmanlike manner. 268 Seller shall have the right to request any supporting 308 documentation that substantiates any item listed. 309 a. Resolution Period. Seller and Buyer shall then have a period of days following receipt of 269 310 the above stated written list (“Resolution Period”) to reach a mutual agreement as to the items to 270 be 311 repaired or replaced with like quality or value by Seller, which shall be evidenced by the Buyer 271 Inspection Contingency Removal/Notification, the Repair Counter Proposal form, / 312 Replacement Amendment or written 272 equivalent(s). The parties agree to negotiate repairs in good 313 faith during the Resolution Period. 273 In the event Seller and Buyer do not reach a mutual written 314 resolution during such Resolution 274 Period or a mutually agreeable written extension thereof as 315 evidenced in an Amendment to this 275 Agreement signed by both parties within said period of time, 316 this Agreement is hereby terminated. 276 If terminated, Buyer is entitled to a refund of the Xxxxxxx 317 Money. 277 □ E. Waiver of All Inspections. THIS BOX MUST BE CHECKED TO BE PART OF THIS AGREEMENT. 278 Buyer, having been advised of the benefits of inspections, waives any and all Inspection Rights under this 279 Paragraph 8 (including but not limited to the Wood Destroying Insect Infestation Inspection Report)/Trust Money.