Buying a home can be difficult, especially in a seller's market. Making a clean, non-contingent offer could enhance a buyer's chances of success. Contingencies are clauses that stipulate specific conditions must be met for a deal to close, offering protection to buyers. Common contingencies include inspection contingencies, which shield buyers from hidden repair costs, and finance contingencies, which protect against loan acquisition issues. They also allow buyers to recover their earnest money, typically 1-3% of the sales price, if they withdraw under the specified conditions.
A contingency is a clause included in an offer, which states that specific conditions must be met for a deal to close.
Contingent offers protect your earnest money deposit, allowing buyers to recover their deposit if the conditions specified in the offer are not satisfied.
The most common contingencies buyers offer include an inspection contingency, which protects against purchasing a home that requires major repairs.
Contingencies are a means of providing buyers with protection against the risks involved in purchasing a home.
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