Contract Contingencies Can Offer Some Protection for Home Buyers
House sale contingencies can be difficult on the seller, who may be forced to pass up another offer while waiting for the outcome of the contingency. The seller retains the right to cancel the contract if the buyer’s home is not sold within the specified number of days. Too many contingen...
Many home inspection contingencies are based on a seven-day timetable. This means that after you sign the purchase agreement and the inspection occurs, you have seven days to send a formal notice that you are backing out. But be sure to check your contract, too.8 How Should You...
When putting together an offer, your trusted real estate advisor will help you consider which levers you can pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Of course, there are certain contingencies you don’t want to give...
Once you apply, your lender will verify all the information you’ve provided. This is a loan approval process and it can take one to eight weeks, depending on the type of mortgage you choose and other factors that will affect your approval such as fulfillment of contract contingencies. ...
A purchase contract is legally binding, and breaking one can be costly. Making a contingent offer protects your interests in case unexpected issues mean you no longer can or want to buy the home. A contingent offer includes "walk-away" clauses, or "contingencies," that let you get out of...
Accept: If the seller accepts your offer, congratulations! You have the house “under contract,” and you are one big step closer to becoming a homeowner. Reject: The seller could deny your application flat out. The seller may have accepted a competing offer or may have felt that your offe...
In the event that you do need the equity from your current home to purchase your next home, you will need a home sale contingency in your contract. Contingencies are not always necessary though. For some people it’s a need, while for others it’s a want. You might need some guidance...
If you're buying a home and the appraisal is lower than the agreed-upon sales price, what happens next will depend on the terms of your purchase contract. Buyers who include anappraisal contingencymay be able to back out of the sale or renegotiate with the seller to lower the price so ...
Contingencies Needed for a Contract Selecting an experienced attorney to help protect the buyer and seller if thereal estate transaction falls throughis also critical. The buyer needs protection from losing the down payment, and the seller needs protection from a scenario where the buyer can w...