04/27/2022
Many of you had questions about contingencies, so let's cover what it means and some examples in this post! And make sure to save this post for future reference or send it to a friend who is going through a home buying process!
A is a set of requirements or an agreement that must be met before the final contract can be finalized. Both the buyer and seller must agree to the contingencies and their terms.
Here are the types of contingencies available:
- Sale of a prior home contingency. This protects buyers who need the proceeds of their current home's sale to purchase their next home.
- Mortgage contingency. This refers to a window of time a buyer has to secure a loan before purchasing a home.
- Home inspection contingency. This lets the buyer have the piece of property to be professionally inspected.
- Title contingency. This lets the buyer obtain a title search, so they can view the history of the home's ownership.
- Appraisal contingency. This protects the buyer by letting them back out of a property transaction if it doesn't appraise at the purchasing price.
- Homeowners insurance contingency. This means a buyer has to get homeowners insurance on the property.
Have any questions? Leave them below!
https://www.realtygroupfl.com/blog/