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What Are Contingencies In A Home Purchase Contract?
Contingeny: a future event or circumstance which is possible but cannot be predicted with certainty
If you're working with an agent in the Cincinnati/Dayton Ohio area, we work with a common MLS approved contract. It's developed by real estate attorneys and includes pages and pages of details that covers the normal process of buying a home.
And part of that normal process of buying for a home? The provision for contingencies.
There are many things that SHOULD happen from first offer to sitting at the closing table and finalizing a home's purchase, but not everything happens as it should 100% of the time.
And considering the buyer is making one of the largest financial commitments they'll ever make, wouldn't they want to be REALLY sure before they complete the purchase?
And that's where the standard Cincinnati area contract contingencies come into play.
Financing Inspection Appraisal HOA review Offsite conditions (e.g. sex offenders, area development plans, etc.) Homeowner's insurance These are all normal steps in the purchase process where the buyer may encounter an obstacle that prevents the purchase, or discovers some information that leads to them opting out of the purchase contract.
But it is possible to have specific contingencies that aren't normally part of the contract.
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