What is a Contingency? Buying a home McCurtain County Oklahoma
Simply put, a contingency in your real estate contract is a condition. Common contingencies are:
- Contingent upon obtaining financing.
- Contingent upon your current home or some other item selling.
- Contingent upon receiving an insurance payment (common when your current home has been destroyed by fire, tornado, etc.)
- Contingent upon the real estate appraising for at least contract price.
There are built in contingencies that are not thought of as such... most of the home purchase contracts that we work with are contingent upon a satisfactory home inspection.
Contracts are actually documents of contingencies... one after another. Contingencies.... conditions that have to be met or happen. Payment of the price is a condition for getting good title. Good title is a condition for getting payment. Termite clear, acceptable loan terms, good survey... they are all conditions within a contract that step by step that get to closing.
We at Integrity Real Estate Services work with first time home buyers OFTEN. Got questions, work with an agent and office that answers questions. Call Integrity Real Estate Services 580-212-5946!
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