What is a contingency...
A contingency is an event or condition that must occur before the deal can close.
There are many different contingencies to get a property to closing.
One example in a contract ... 'This contract is contingent upon buyer successfully obtaining a mortgage loan at a specific interest rate.'
Here's a list some other contingencies
Home Inspection
Financing
Proof of funds
Appraisal
HOA and Condo
Sale of a present home
Right of first refusal
Rent of a present home
Ground rent redemption
Well, septic, radon, termite
Final walk through conditions
There is a reason our Maryland contracts are forty plus pages.
They need to be read and they need to be understood.
Ask questions!
If you have concerns seek legal advice.
For more information on buying or selling a home
Call Margaret Rome
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