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Contingencies Within A Sales Contract

Contingencies Within A Sales Contract

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 Stephanie Crain talks about Common Contingencies in a Home Sale 1. Financing Contingency – The buyer must be approved for their mortgage. If financing falls through, the buyer can back out. 2. Inspection Contingency – The home must pass a professional inspection to the buyer’s satisfaction. If major issues come up, the buyer can request repairs, a price reduction, or walk away. 3. Appraisal Contingency – The home must appraise for at least the agreed purchase price. If it doesn’t, the buyer can renegotiate or cancel. 4. Home Sale Contingency – The buyer must sell their current home before closing on the new one. 5. Title Contingency – The property must have a clear title with no legal claims or liens. What “Contingent” Means in Listings If you see a property listed as “contingent”, it means the seller has accepted an offer, but the deal isn’t final until the contingencies are cleared. • During this time, the seller may still accept backup offers in case the first deal falls through. Why It Matters • For Buyers: Contingencies provide protection so you don’t get stuck in a bad deal. • For Sellers: Contingencies add some risk since the deal could fall apart, but they also help move the process forward with serious buyers.

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