The Buyer Contingency Addendum is a crucial document in property transactions under English and Welsh law, typically used when certain conditions need to be satisfied before a property purchase can proceed. This addendum protects buyers by allowing them to withdraw from the transaction if specific conditions aren't met, while providing sellers with clear timelines and procedures. Common contingencies include mortgage approval, property inspection results, and the sale of an existing property. The document forms part of the legally binding purchase agreement and should be carefully drafted to reflect all parties' interests.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Reference to main purchase agreement and purpose of contingency addendum
3. Definitions: Key terms used throughout the addendum
4. Contingency Terms: Specific conditions that must be met for the purchase to proceed
5. Time Periods: Deadlines for satisfying contingencies and notification requirements
6. Termination Rights: Circumstances under which either party can terminate if contingencies aren't met
1. Financing Contingency: Specific terms and conditions related to buyer securing required financing, including loan amount, interest rate requirements, and deadline for obtaining mortgage approval
2. Property Inspection Contingency: Terms relating to property inspection requirements, including inspection period, scope of inspections, and criteria for acceptance or rejection based on findings
3. Sale of Existing Property: Conditions and timelines related to the buyer's need to sell their current property before completing this purchase
4. Planning Permission: Terms relating to obtaining specific planning approvals or permissions, including timeline and conditions for approval
1. Schedule of Contingency Deadlines: Detailed timeline specifying the deadlines for satisfying each contingency condition
2. Property Inspection Requirements: Detailed specifications of required inspections, including type of inspections and minimum standards
3. Required Documentation: Comprehensive list of documents required to satisfy various contingencies
4. Notice Forms: Standard template forms for giving notice regarding satisfaction or waiver of contingencies
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