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What Are Contingencies?

Contingencies are clauses in a purchase and sale agreement specifying an action or requirement that must be met (or met within a certain timeframe) for the transaction to close. Common ones include home inspection, mortgage approval, sale of prior home/purchase of new home, appraisal and title search. If the contingency is not fulfilled, it allows you to back out of the contract with minimal or zero consequences.


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jerry
jerry
Apr 13, 2023

In a buy and sell agreement, there are terms known as contingencies that outline an action or requirement that must be taken (or completed within a particular timeframe) in order for the transaction to close. The selling of a previous home and the purchase of a new one are common examples.


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jone martin
jone martin
Apr 13, 2023

A common clause included by homebuyers is the sale of their previous residence, which gives them the option to revoke their offer if they are unable to market their present residence within a predetermined time frame.


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