Contingencies offer the flexibility to walk away from a deal if necessary, without legal repercussions. Here are the five fundamental types of contingencies you should be aware of:
Your offer is contingent on securing financing for the purchase. Even with a pre-approval letter, various factors after offer acceptance can impact financing.
Offers tied to financing are also contingent on appraisal. The bank conducts an appraisal to verify the property’s value against the loan amount.
Sellers with a property to sell may make an offer contingent on selling their current property. Sellers often include an option-hour clause to keep their home active until the buyer secures a buyer for their property.
Offers typically specify items to include or exclude from the sale. Fixtures requiring tools for removal are considered real property and stay, unless stated otherwise. Personal property, removable without tools, may be requested to remain by the buyer (e.g., appliances, home warranties).
A home inspector conducts a comprehensive inspection of major home components. Other inspections may be performed based on specific concerns. Identified deficiencies, not previously disclosed, allow the buyer to request repairs. Sellers can accept, reject, or counter repair proposals.
Additional provisions can also create contingencies. For specific queries, reach out to us or consult your Sea Glass Florida Properties real estate agent.
Remember to stay informed about the steps between the offer and closing. Proper preparation is key to a smooth and successful real estate journey. If you have any questions, feel free to connect with us or consult your Sea Glass Florida Properties real estate agent for expert guidance.
Contact Sea Glass Florida Properties to learn more about contingencies.