This document is used by the Buyer to release one or more of the standard contingencies contained within the Agreement.
As an example, the home inspection is completed and no problems have been identified: not with the home, or septic system, or water quality, etc. This form would be completed by the Buyer’s REALTOR, “releasing” the contract from the inspection contingencies contained in Paragraph 14 of the Agreement. Similarly, if the “due diligence” reviews contained in Paragraph 15 have been completed successfully, this form would be utilized by the Buyer to “release” that contingency, as well.
The form is used as a means for communicating the status of benchmarks within the Agreement.