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Buyer Contingency Addendum
"I need a Buyer Contingency Addendum for a commercial property purchase in Manchester, with specific conditions regarding obtaining planning permission by March 2025 and securing financing of £2.5 million from HSBC Bank."
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
Authors
Buyer
Seller
Property
Purchase Price
Contingency Period
Completion Date
Deposit
Due Diligence
Effective Date
Financing Contingency
Inspection Contingency
Notice Period
Satisfaction Notice
Termination Notice
Waiver Notice
Material Defect
Mortgage Lender
Property Report
Sale Contingency
Survey
Title Documents
Working Day
Valuation
Existing Property
Inspection Rights
Financing Requirements
Due Diligence
Notice Requirements
Time Periods
Termination Rights
Earnest Money
Property Access
Satisfaction of Conditions
Waiver Rights
Extension Provisions
Return of Deposit
Remedies
Cost Allocation
Property Condition
Title Requirements
Representations and Warranties
Default Provisions
Assignment
Entire Agreement
Governing Law
Severability
Amendment
Counterparts
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