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Understanding Real Estate Contract Contingencies
When you are involved in real estate by selling or buying a home, you will be working with some form of contract. When you buy a home you write a purchase contract with your real estate agent and when you are selling your home, you will receive a purchase contract from an interested buyer.
Either way, rarely do they get written without any contingencies. There are times and places where that may be appropriate, but for the most part, a purchase contract for a home here (Winnetka and North Shore communities) has at least one or two, probably more, contingencies.
First of all - what is a contingency? A contingency means that certain conditions have to be met before the sale can proceed.
What are the most common ones you are likely to use? There are three main contingencies that many contracts in Winnetka and the North Shore include:
Home Inspection - very rarely is this contingency waived - I've only seen it when builders buy properties that they plan to tear down and rebuild. I think every buyer needs to conduct a home inspection - not only is it necessary to discover any latent defects that the seller did not know about, but you, ... more
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