If you’re in the process of buying a home you may have heard the term “contingency.” These are clauses in your contract that give you an out if something unforeseen arises from the time you make an offer until you close. Real estate contingencies protect you from losing your earnest ...
If your inspector finds major issues with the home and you have an inspection contingency, you can walk away from the deal. 7. Do a Final Walk-Through of the House Before closing, you’ll do a final walk-through of the house with your real estate agent. If you requested repairs be...
“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.” ...
A home sale contingency, which means that the sale is conditional on the buyer selling their current home. A title contingency. If any liens or judgments are discovered during the title search, the owner has to address them before the sale proceeds. In a strong seller’s market, where avail...
Some real estate contracts require a home sale contingency.If you are considering a move and you aren’t buying your first home, the odds are you’ll want to sell the home you are in before you buy your next one. In the event that you do need the equity from your current home to ...
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Home Sale Contingency As part of the negotiation, a home seller occasionally will accept a home sale contingency. It is a significant risk and, because of that, is often not acceptable. Title Problems A standard part of most real estate contracts is delivering a clear title to a home buyer...
Another confusing real estate term is the first right of refusal. A right of first refusal clause is a valuable tool for sellers who find themselves dealing with a home sale contingency. Ahome sale contingencyis a clause that some buyers will put into offers that state they will buy a home...
Home sale contingency sets up a domino effect. While all homes can sell with the right real estate guidance, some take longer than others. What to do:Talk with your real estate agent if you receive an offer with a home sale contingency. You might want to find out where the buyer is in...
In real estate, earnest money is effectively a deposit to buy a home. Usually, it ranges between 1-10% of the home’s sale price. While earnest money doesn’t obligate a buyer to purchase a home, it does require the seller to take the property off of the market during the appraisal ...