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What Are the Standard Contingencies?
Most offers include two standard contingencies: a financing
contingency, which makes the sale dependent on the buyers'
ability to obtain a loan commitment from a lender, and an
inspection contingency, which allows buyers to have professionals
inspect the property to their satisfaction.
A buyer could forfeit his or her deposit under certain circumstances,
such as backing out of the deal for a reason not stipulated
in the contract.
The purchase contract must include the seller’s responsibilities,
such things as passing clear title, maintaining the property
in its present condition until closing and making any agreed-upon
repairs to the property.
Other contingencies should be included based on the specific
situation in which the buyer finds himself. An offer may
be contingent on the sale of the buyer's current home, on
the buyer's getting a job in the new location, or other specific
needs.
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