FAQs - What are Real Estate Contract Contingencies ~ Real Estate in Southeast Oklahoma
Real Estate Contingencies are conditions by which the real estate contract can be cancelled, usually with no penalty on the buyer.
They can be the key to making the contract feasible for the buyer, or for the seller sometimes too.
Contracts written for Oklahoma property using the contract forms that the Oklahoma Real Estate Commission recommends include an inspection period. A buyer specifies how many days they want for inspections and during that time and 24 hours after the inspection period ends the buyer may cancel the contract for any reason and receive a refund of their earnest money.
Another common contingency is a financing contingency. The financing contingency allows the buyer to cancel the contract if they cannot qualify for the loan, the loan terms are unacceptable, or the home does not appraise for at least contract price.
Other common contingencies:
The Seller has to provide an up-to-date abstract certified subsequent to the contract date, to the buyer so the buyer’s attorney can render an opinion as to marketability of the property title.
The Seller will provide a satisfactory mortgage certificate to the buyer.
Sometimes the buyer wants a contingency to allow them time to sell their home. When this happens, it is quite common for the home to stay on the market and if the seller receives another offer that they are willing to accept, the first buyer has to cancel the contingency and move forward toward closing OR cancel their contract so that the seller can sell to the second buyer.
Sometimes as part of a contract, there will be a contingency for something that the seller wants. One example is possibly a family pet that the seller is not able to take with them when they move so they may make acceptance of the contract contingent upon the buyer allowing the pet to remain with the home and the buyer to provide the care that the animal needs. Of course, after closing if the buyer does not take good care of the animal, or gives it away, there is usually no recourse for the seller.
Contingencies are a good way to provide protection for the buyer just in case things don’t work out as desired. If there is anything that needs to happen for your purchase, a contingency can be included in the offer made to the seller. Sometimes contingencies become the major part of the negotiations between seller and buyer.
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Real Estate Contingencies are conditions by which the real estate contract can be cancelled, usually with no penalty on the buyer. 
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