Adding Contingencies to Contracts Post DD Period

[Josh Stack]

Hi Everyone,

I recently went under contract for a package of three houses with a 21 day due diligence window and a closing period of about 60 days after contract signing.  This is a transaction in North Carolina and we are using the standard OTP form for the state.

I wanted to give myself some protection in the Escrow period to be able to walk away with all my money in case certain conditions weren't met.  From my business life, I would have put these as subjects or contingencies in the contract such that if the conditions were not met, the contract would be null and void.

The specific conditions I wanted added as contingencies were as follows:

• Contingent on verifications of all conditions as represented by the seller. Offer assumes there are no structural defects, foundation issues, roof leaks or other major issues that would affect the habitability or valuation of the properties. 
• Offer assumes all material facts related to defects or affecting valuation about the properties have been disclosed to seller.
• Contingent to approval of inspection report of properties. • Contingent upon appraisal of properties equalling or exceeding purchase price
• Contingent up on securing of financing by buyer. 

I tried to explain this to my realtor but she didn't understand what I wanted to do.  In her view, there was nothing that could be done to afford me any protection once the due diligence period had passed.  I suspect this to be an uninformed view of contracting.  I'm aware of freedom to contract and just because we use a standard form as a basis doesn't mean that we can't adjust or modify any of the standard clauses right (by means of strikethrough, deletion or addition of language)?  

Specifically, I was wanting to strike through the part of Clause 5 where it says Note: Buyer's obligations under this contract are not conditional upon obtaining or closing any loan.  Then I wanted to add my offer letter as an addenda (Claus 15) outlining the four points noted above.  Would this have worked?

I have not consulted an attorney, it's a pretty simple transaction so I didn't think it would be necessary to get an attorney involved to draft an addendum.

I'm curious if anyone has any experience in adding these types of contingencies to contracts that protect the buyer all the way up to the closing table?