What Are Real Estate Contract Contingencies?
What a timely post - I get asked this so much.
Once again, Renee writes a great post that is so informative to potential buyers.
Las Vegas Real Estate residential real estate contracts are usually written with “Contingencies”. Merriam-
Webster Dictionary definition #4 defines contingent best when it is applied to real estate:
“dependent on or conditioned by something else <payment is contingent on fulfillment of certain conditions>”
Disclaimer: I am not a lawyer, I am just explaining what contingencies I see in real estate contracts.
When purchasing a Las Vegas House, you will have a time frame to fulfill your contingencies. You will want to make sure: the home is sound structurally, it is worth what you are paying for it, it is zoned properly, it is in theschool zone you would like, you can live under HOA guidelines, rules and bylaws, you can get your loan, etc.
This time frame to fulfill contract contingencies is also commonly called: ”due diligence period” or “inspections period”.
Las Vegas Buyer Contingency Examples:
- Loan or Mortgage
- Appraisal
- Home Inspection(s) (Mechanical, Structural, Soils, Fungal, Pest, Septic, Roof, etc)
- CLUE Report (Insurability)
- HOA Document Acceptance
- Sale of Existing Home
- Preliminary Title Report
Las Vegas Seller Contingency Examples:
- Delivery of Marketable Title
- Short Sale Approval
- Court Approval (usually for Lis Pendens or Probate)
It is always recommended that Las Vegas Buyers & Las Vegas Sellers have an attorney review their contract prior to signing to make sure they are protected in case they cannot fulfill a contingency. It’s always better to be safe than sorry!
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