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Contingencies
in a purchase agreement
What
is a contingency?
Occasionally,
once you’re in escrow you might come across a problem or two,
you work them out with the seller and continue the escrow
process.
However,
if a problem arises that cannot be worked out, you’ll want to
cancel the contract without penalty. A safe way to cancel, if
necessary, is to use what is known as a "contingency,"
and you’ll want to make sure they are included in your offer
when you purchase a home.
Contingencies
in a purchase agreement
Most
of the important contingencies are already written into a Real
Estate Purchase Contrast. Some of these include, but are not
limited to:
-
Obtaining
financing
-
Appraisal
on the property
-
Certain
inspections must be performed and pass
-
Buyer’s
Acceptance of the condition of the property
These
contingencies are included to protect you. If there is a
specific issue you need to be a contingency, let your agent know
so they can be sure to include it in the offer.
If
you have any questions, Please call
1-866-OC-House
© 2012 Inadrek llc - All rights reserved.
Written By Shan Roberts
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