The Inspection Period Extension Addendum is a critical document in U.S. real estate transactions when circumstances require additional time for property inspections. This document is typically used when initial inspections reveal issues requiring further investigation, when scheduling conflicts arise with inspection professionals, or when weather or other external factors delay the inspection process. The addendum formally modifies the original purchase agreement by extending the inspection deadline while preserving all other contract terms. It protects both parties' interests by clearly documenting the agreed-upon extension and any associated conditions.
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1. Original Contract Reference: Identification of the original purchase agreement being modified
2. Parties: Identification of buyer, seller, and other relevant parties
3. Extension Details: Specific length of extension and new inspection deadline
4. Consideration Statement: Statement of consideration for the extension
5. Original Contract Validity: Confirmation that all other terms of original contract remain in effect
6. Signatures: Execution blocks for all parties
1. Additional Inspection Rights: Special provisions for additional inspection types, used when specific concerns arise during initial inspection
2. Cost Allocation: Distribution of any additional costs, used when extension involves additional expenses
3. Contingencies: Additional conditions that must be met, used when extension is conditional
1. Timeline Schedule: Detailed calendar of inspection deadlines and milestones
2. Cost Schedule: Breakdown of any additional costs associated with extension
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