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What Are Contingencies in a Real Estate Contract?
Whether you buy a home in one of Vero Beach’s 55+ communities, a mainland condo in Vero Beach, or a waterfront property, you’re going to have a real estate purchase contract in place that protects you and the seller from entering into a bad deal.
Specifically, your contract will contain contingencies—conditions that allow you to back away from the transaction.
What Are Contingencies in Real Estate?
Contingencies are conditions outlined in a real estate purchase contract that let you cancel the deal under certain circumstances. The most common contingencies involve the appraisal, the home inspection, and financing.
When you buy a home, your lender will have it appraised to see just how much it’s worth. If the appraisal value is lower than the purchase price, your lender isn’t likely to provide you with the full amount of funding, which puts you in a tough spot. An appraisal contingency will let you cancel the transaction.
Home Inspection Contingency
The home inspection’s purpose is to uncover issues the house or condo has—and if it turns up issues you can’t live with, you can ask the seller to fix them, ask the seller to accept a lower dollar amount (because you’ll have to fix the issues yourself), or walk away from the deal… provided that you have a home inspection contingency built into your purchase contract.
If you can’t secure financing to buy the house, you don’t want to be responsible for buying it anyway. That’s where the financing contingency comes in, because it says if you can’t get financing, you don’t have to purchase the home.
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Chip is the IT Manager for Alex MacWilliam Real Estate. He handles the technology needs of the company as well as helping agents in their day to day problem solving.....
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