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You are here: Home / Blog / What contingencies should appear in the offer when buying a home?

What contingencies should appear in the offer when buying a home?

When you look to purchase a home, anticipate potential problems.

Hopefully no problems will arise, however it is prudent to protect against them so that if something does go wrong, you can cancel the contract without penalty. This is what contingencies allow you to do.

They should be included in any offer you present to buy a home.

Most offers include two standard contingencies: a financing contingency, which makes the sale dependent on your ability to obtain a loan commitment from a lender, and an inspection contingency, which allows you to have a professional inspect the property. Without contingencies, a buyer could forfeit his deposit under certain circumstances if he or she backs out of a deal.

The purchase contract also should include the seller’s responsibilities, such as passing clear title, maintaining the property in its present condition until closing, and making any agreed-upon repairs.

Filed Under: Blog, Buyers Tagged With: contingencies, home buyer, purchase contract

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