Q: Real estate contract with home inspection contingency addendum, but "for information purposes only"
I have a real estate contract where a buyer submitted an offer to buy my rental property. There is a home inspection contingency addendum, but the offer was written as "for information purposes only". Upon performing the inspection, there are some minor repairs required, and the buyers are trying to back out of the contract. Doesn't the "for information purposes only" essentially make the offer non-contingent?
I am a licensed real estate agent in Virginia.
A: It depends on what the clause says, doesn’t it? If the clause gave all the possible rights to walk away but the words “for information only” were added, we might say the information was to inform the walking away. If the walking away was eliminated, perhaps the default clause is in effect and the earnest money is at risk. Get a real contract review.
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