The article explains the concept of contingencies in real estate agreements, emphasizing their role in protecting both buyers and sellers. It outlines common contingencies such as home inspection, appraisal, and financing contingencies, detailing how they allow buyers to negotiate repairs or withdraw from the contract without penalties if requirements aren't met. The inclusion of contingencies is particularly important in specific markets, like those vulnerable to wildfires, where additional insurance contingencies may be beneficial. Overall, contingencies help manage risks and ensure a smoother homebuying process.
"Contingencies are conditions included in a purchase agreement that must be met for the transaction to move forward, protecting both buyers and sellers from unexpected situations."
"The home inspection contingency helps buyers avoid unexpected repair costs after closing and enables them to request repairs or cancel the contract if significant issues are found."
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