HomeLight

JUNE 9, 2023

The final sale hangs in the balance, waiting for certain conditions or “contingencies” to be met. These conditions can be anything from the buyer securing a mortgage, the home inspection clearing, or the sale of the buyer’s current home. Until those contingencies are cleared, the house isn’t officially sold.

Home sale contingency 138

Home sale contingency Inspection contingency Purchase and sale agreement Inspection 138

Realty Biz

NOVEMBER 11, 2020

Let’s have a look at the most common types of contingency you are likely to see. Home Inspection Contingency. The purchase of the property can be contingent on the home inspector’s report. Naturally, the buyer doesn’t want to buy a property that has problems, so this contingency helps prevent that.

Backup offer 110

Backup offer Sales Home sale contingency Earnest money deposit 110

Windemere Buying

JUNE 22, 2022

It means the seller has accepted an offer and there’s a good chance the deal will go through, but because the sale is not yet final, the property is technically not off the table. Other interested buyers will make backup offers in case the first offer falls through.

Purchase and sale agreement 52

Purchase and sale agreement Inspection contingency Seller concession Backup offer 52