Contract contingencies to protect the buyer.

There are many contingencies that will protect the buyer. Here are some you will definitely want in your purchase agreement:

* You will be able to inspect the property and must approve the inspection.

* The sellers must disclose problems with the property and you must approve of such disclosures.

* You will be allowed to make a final inspection of the property just before the deal closes and confirm that there is no new damage since you originally inspected it.

* You will get your deposit back if the sellers back out.

* You can back out if you are unable to get financing.

Depending on your situation, there are many other contingencies you should add. For example, if you are moving to the area because of a new job. You will want a contingency stating that if you don't get the job, you can cancel and get your deposit back.

Make sure that you clearly state your needs to the agent or attorney preparing your agreement. If there are any special conditions that must be meet (such as being able to cash in some stocks for a down payment), make sure it is in writing a contingency. Otherwise you may be unable to complete the purchase on time and lose your deposit. In some cases, you may be sued by the sellers for performance. They may demand you complete the purchase or pay associated damages.