What is a contract contingency?
Posted by: raindrop 8 years, 5 months ago
A contract contingency in a real estate transaction is a written condition that must be met in the purchase agreement before the property can sell.
Contingencies typically benefit the Buyer and are removed in writing as the conditions are met. Throughout an escrow, a Buyer must perform due diligence to expeditiously remove their contingencies.
Contingencies can also be negotiated, and the fewer contingencies written into an offer, the more attractive it will appear to a Seller.
Some examples of common contract contingencies include:
- Home Inspection
- Wood Destroying Pest (Termite) Inspection
- Homeowners Association Documents
- Short Sale Approval
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