What are contingencies in a real estate transaction?
It is very common to have contingencies in a purchase agreement when you buy a property. These are generally written in to protect you. Some of the most common contingencies, if you are a buyer would be 1. Sales Contingency: You have to sell a home in order to buy a home 2. Inspection Contingency: You need to inspect the home before committing to purchase it. 3. Loan Contingency: You have to be fully approved for the loan. 4. Appraisal Contingency: The property must appraise for the amount that you are paying in order for you to move forward with the purchase. 5. HOA Review Contingency: You must have time to receive and review the HOA rules, regulations, and budget. 6. Clear Title Contingency: The property must have a clear and clean title before you purchase the home. While there are other contingencies, these are the most common. Everyone has specific and unique circumstances and that is why it is important to choose a real estate agent that has experience and knows how to protect you. Pinyon Properties is the best real estate agency in Boulder City! Give us a call if you are ready to buy, sell or invest!
