What does the inspection addendum detail?

The inspection addendum serves a crucial role in the real estate transaction process, particularly concerning the buyer's ability to assess the condition of a property before finalizing the purchase. It specifically details the process and timing for conducting property inspections, outlining the obligations of both the buyer and the seller during this phase.

By including these specifics, the inspection addendum helps manage expectations and provides a clear timeline for when inspections will occur, ensuring that both parties understand their responsibilities. It outlines aspects such as how soon after the contract is signed inspections should take place, who is responsible for arranging them, and how the findings from the inspections can influence further negotiations.

While potential buyer's rights in the event of a dispute and estimated costs of home repairs are important considerations, they are not the primary focus of the inspection addendum. Similarly, a list of available properties for sale is entirely outside the scope of what the inspection addendum addresses. The addendum is tailored to enhance transparency and facilitate communication regarding the condition of the property being purchased.