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.


Other FAQ Blog Posts by Integrity Real Estate Services:


 

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Judi Barrett

Broker, Integrity Real Estate Services,

Office Address:  1280 Brown Addition  Rd., IDABEL, OK 74745  580-212-5946 

Judi Barrett, B.S. Edu., 

 

Integrity Real Estate Services 

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18 Comments on FAQs - What are Real Estate Contract Contingencies ~ Real Estate SE Ok

JUN
02
1,527,320 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Judy nice explanation of contract contingencies and what they mean to a buyer.
6:40pm • #1
1,653,043 Points 134 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Cindy,  Thank you!  I guess you could say that contracts are composed of contingencies!  
6:49pm • #2
1,329,226 Points 37 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Judi

A very informative post on the contingency progress as part of a contract.

Good luck and success.

Lou Ludwig
7:17pm • #3
1,653,043 Points 134 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lou,

Thank you.  I so appreciate the positive comments.
7:19pm • #4
JUL
15
490,284 Points Outside Blog Called Shot Master

Judi, all of our clients could use this useful information.
5:42am • #5
143,617 Points 3 Featured Posts

Real estate contracts are 90% contingencies with the other 10% providing details.....names, addresses, legal description, closing date, etc!
6:06am • #6
498,892 Points 13 Featured Posts Outside Blog Called Shot Master

Hi Judi, great outline.  We agents sometimes take for granted that buyer and seller understand the contingencies that are there.
6:06am • #7
Localism Sponsor Outside Blog

I am working on one right now where the contract is contingent on the buyer getting county commissioners to pass resolutions to open section line roads prior to closing.
6:50am • #8
251,130 Points 8 Featured Posts Localism Sponsor Outside Blog

North Carolina last year elimited all contigencies from our contract. We now have a Due Diligence period where the buyer can figure out everything they want, and if the change their mind during that time they can back out with no explanation at all.
7:05am • #9
1,024,215 Points 15 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Good post on a subject a lot of people do not understand.  Thanks for the info.
8:41am • #10
801,471 Points 43 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Excellent run down of the pertinent conditions of a sale in your area, and buyer would be wise to make note of these before signing a contract.
8:56am • #11
1,100,040 Points 25 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Judi, good explanation of contract contingencies as most buyers/consumers do not understand and it's good to have the meanings spelled out for them in this post.
8:57am • #12
474,268 Points 12 Featured Posts Attended Rain Camp Called Shot Master

Judi, this is a well written article about contingencies! When working with buyers and sellers it is our job to explain every detail and nuance of the contract. Your series of articles offer a great deal of information!
9:33am • #13

Judy,

 Contingencies are so important and should be ready and understood clearly. I know some real estate agents that just fill in the blanks. I think contingencies should be explained clearly to the client.  
11:12am • #14
141,343 Points Attended Rain Camp

Dear Judi,

Great explanation for the public.
1:48pm • #15
423,372 Points 16 Featured Posts Called Shot Master

Judi, you did a great job of explaining this important component of the Real Estate Contract, this should be very useful for all of your clients.
2:03pm • #16
JUL
16
763,123 Points 107 Featured Posts Outside Blog Called Shot Master

Judi, we can't explain contract contingencies too many times. I wrote a similar post last year and I send it to every client I work with.
11:24am • #17
NOV
11
237,566 Points 5 Featured Posts Called Shot Master

This is a very good explaination that will be useful to buyers and sellers.
9:34pm • #18


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