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. Now you’re ready to close!

Purchase and sale agreement 52

Purchase and sale agreement Inspection contingency Seller concession Backup offer 52

HomeLight

DECEMBER 31, 2020

Things that could derail a sale during the sale pending period include: The home inspection. Contingencies that fail to be met or lifted. Most buyers will add a number of contingencies to the contract, such as the home inspection, appraisal, and financing contingency. Line up backup offers to hedge your risk.

Closing 104

Closing Backup offer Sales Inspection 104

HomeLight

JANUARY 13, 2022

If a contingency isn’t met, then buyers can back out of a deal without any repercussions and they can get their earnest money back. Common contingencies include issues with appraisals, home inspections, or the buyer’s home sale. So he knows all the twists and turns that can occur between an accepted offer and a closed sale.

Backup offer 76

Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 76