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Addendum for New Build

This is our first time buying a house and we are in escrow for a new build that is 95% done. It just need the AC unit put in plus some finishing touches. The inspection is tomorrow and the seller (also the builder) wants to add this to our agreement:

"seller agrees to address and remedy all items from the inspection reports that are not up to state industry building standards. Work to be completed prior to closing. If there are still items that need to be completed after closing, seller to leave $5,000 in escrow until completed. Upon buyer receipt of inspection reports, buyer to remove the inspection contingency and agree to release $10,000 of earnest money to seller and deemed non-refundable."

Any glaring issues with signing this? I'm assuming the seller just wants to make sure we won't back out over something small/fixable? The builder is a local builder that's been in the business for 30+ years.

submitted by /u/helpnadviceneededpls
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/17qizah/addendum_for_new_build/
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