It is advantageous to understand how contingencies work to avoid confusion and think you need to push for certain contingencies that aren’t important or necessary to the situation. Contingencies are conditional; the contingency will remain valid if the specified task is completed in the time allowed...
A buyer’s agent represents a buyer’s interests when buying a home. A buyer is considered a “client” of the real estate agent, not a customer. The agentbecomes a fiduciaryto the buyer in all aspects of the transaction. In a buyer’s agency relationship, the agent provides the client ...
Here’s what “under contract” means in real estate, how under-contract home sales can fall through, and whether you still can make a successful offer on a home that’s under contract. Key Takeaways: Anunder-contract homeis one with an accepted purchase offer, but with contingencies still...
Another option is seller financing, where the buyer makes payments to the seller rather than a traditional mortgage lender. 4. Contingencies There are many different types of contingencies that can be included in real estate contracts on both the buyer’s and seller’s side, and it’s ...
How Long Is a Contingency Clause for a Mortgage? Typically, a contingent period might be 30-to-60 days, depending on the requirements and the issue within the clause. What Are Mortgage Contingencies? A buyer may need to have financing approved by a mortgage lender as a contingency for procee...
If you don’t secure a mortgage — because something changes in your finances or the money doesn’t come through or is delayed for some other reason — it could slow down your closing or cause it to be scrapped entirely. Unmet contingencies Contingencies in a real estate contract allow eithe...
A contingency is a potential occurrence of a negative event in the future, such as an economic recession, natural disaster, fraudulent activity, terrorist attack, or a pandemic. Although contingencies can be prepared for, the nature and scope of such negative events are typically unknowable in adv...
One such term is “contingent,” and it refers to certain conditions or events that might occur in relation to your life insurance policy. These contingencies play a significant role in defining how the policy will function and who will be eligible to receive the benefits. ...
A real estate purchase agreement is a binding document outlining the property sale. Learn what it is, the contents of the house purchase agreement, and more.
9. If both parties agree, contingencies may allow the buyer to retrieve their deposit money if specific conditions are unmet (e.g., the property fails inspection or appraisal). 10. Deposit money is most commonly associated with real estate transactions, but it can also be used when a financi...