Rider to Home Purchase Agreement

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A rider to a home purchase agreement is an addendum that is attached to the initial contract. This type of agreement is used to modify or add clauses to the original document. It is often called an addendum or amendment, and it is used to address any additional conditions or details that were not addressed in the original agreement.

The rider can be an essential part of the home buying process, as it can provide more clarity and specificity to the terms of the purchase. It also protects both parties by outlining any contingencies or conditions that must be met before the sale can be completed.

Some of the common provisions included in a rider to a home purchase agreement may include the following:

1. Financing Contingencies: This clause outlines the conditions under which the buyer can secure financing for the purchase. It may include a specific timeframe for securing financing, the amount of the loan, and any other conditions that need to be met before the sale can move forward.

2. Home Inspection Contingencies: This clause outlines the conditions under which the buyer can request a home inspection. It may include a specific timeframe for completing the inspection, any particular items that need to be inspected, and any remedies or repairs that must be made before the sale can proceed.

3. Close of Escrow: This clause specifies the date by which the sale must be completed, and any penalties or consequences if the sale is delayed or does not close.

4. Personal Property: This clause outlines what personal property will be included in the sale of the home, such as appliances, fixtures, and other items.

5. Contingencies for Financing and Appraisal: This clause may include contingencies that address areas such as financing, appraisal, and insurance. It may specify that the buyer must obtain a certain amount of insurance coverage prior to closing, or that the appraised value of the home must meet a particular standard.

In conclusion, a rider to a home purchase agreement is an important legal document that can help to clarify and specify the terms of an agreement. It protects both the buyer and the seller by outlining any specific conditions that must be met before the sale can be completed. By including these provisions in the agreement, it can help to ensure that both parties understand their obligations and responsibilities, and that the sale proceeds smoothly and efficiently.

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