According to Realtor.com, in 2015, there were 5,250,000 existing homes sold in the United States. When you are in the midst of the home buying process and you are ready to make an offer on a home that you are interested in, you will need to present a real estate purchase contract to the seller of the home. Part of the purchase contract are contingencies. The contingencies are requirements that need to be met before the sale is finalized. These requirements are intended to protect you – the potential buyer – from getting scammed. The question is: what contingencies should you include in your contract?
A financing contingency allows you a certain amount of time to secure financing in order to purchase the home. As the potential home buyer, you are responsible for setting the amount of time that you deem reasonable. Up until that time, you have the right to terminate the purchase contract if you are not able to secure financing. After that time, you then must waive the financial contingency, and you are then obligated to purchase the home, regardless of whether or not you have secured financing.
An inspection contingency allows you a certain amount of time to have the home inspected. Home inspections are done by professional home inspectors and consists of tasks such as examining the inside and outside of the home thoroughly. Once the inspection is completed, you are provided a report that details any issues that the home inspector may have discovered during the inspection. You then have the right to accept the findings, negotiate repairs or cancel the contract.
An appraisal contingency provides you with protection so that you can be sure that the home you are interested in purchasing is worth the amount of money that the seller of the home is asking. With the appraisal contingency, you have the opportunity to renegotiate the asking price if the home is appraised for a lower amount than the asking price. You also have the opportunity to cancel the contract entirely.
A title contingency helps to assure you that the seller of the home has a title to the home that is free and clear of things like disputes and liens. There are times when a seller may not have the legal right to sell the home, such as in the cases of divorce, tax liens or contested wills. A title contingency gives you the option to cancel the purchase contract in the event that there are unresolvable issues.
A real estate purchase contract is an agreement that is legally binding. For more information, contact a real estate lawyer in your area.
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