Las Vegas Real Estate residential real estate contracts are usually written with “Contingencies”. Merriam- “dependent on or conditioned by something else <payment is contingent on fulfillment of certain conditions>” Disclaimer: I am not a lawyer, I am just explaining what contingencies I see in real estate contracts. When purchasing a Las Vegas House, you will have a time frame to fulfill your contingencies. You will want to make sure: the home is sound structurally, it is worth what you are paying for it, it is zoned properly, it is in theschool zone you would like, you can live under HOA guidelines, rules and bylaws, you can get your loan, etc. This time frame to fulfill contract contingencies is also commonly called: ”due diligence period” or “inspections period”. Las Vegas Buyer Contingency Examples: Las Vegas Seller Contingency Examples: It is always recommended that Las Vegas Buyers & Las Vegas Sellers have an attorney review their contract prior to signing to make sure they are protected in case they cannot fulfill a contingency. It’s always better to be safe than sorry!
Webster Dictionary definition #4 defines contingent best when it is applied to real estate:
ACTIONAGENTS.NET - Eugene, OR
Eugene Oregon's Best Home Search Website
Contingencies are among of the things that the lay buyer and seller most often do not understand.
Dec 28, 2010 03:44 PM
Inactive - Port Orford, OR
Inactive Principal Broker, GRI
Well written informative blog. Thanks for explaing contingencies in simple and clear terms.
Dec 28, 2010 05:28 PM
Five Star Real Estate - Holland, MI
My family Serving Yours!
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA
As always, a good informative post written by the ShackDiva . . thank you for sharing this with us today
Dec 28, 2010 09:14 PM
Coldwell Banker Residential Brokerage Jim Braun Sun City Grand Az - Surprise, AZ
Surprise AZ real estate Phoenix West Valley
Thanks Renee! So many do not know or understand contingency and it is so important. Excellent post! Happy New Year!
Dec 28, 2010 11:53 PM
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA
Renee, very good explanation of contingencies and excellent post. Thanks.
Dec 29, 2010 12:15 AM
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI
Renee, nice job on a good question and answer subject. Excellent information for buyers and sellers in any part of the country who are considering a real estate transaction!
Dec 29, 2010 12:49 AM
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer
Virginia: Some day I aspire to a simple spa weekend in Mesquite - and dinner with you!
Joan: I always recommend attorneys, whether they take the advice or not is a different story!
Chris: Yes, there is one more simple one coming out and then I can resume my first time buyer's guide (I hope!)
Thanks everyone else for comments!
Dec 29, 2010 01:07 AM
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale
Renee - I think you covered it quite nicely - nothing to add from Florida other than adding to home inspection (drywall, lead based paint) Wishing you much success for 2011!
Dec 29, 2010 01:20 AM
Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert - Roanoke, VA
Broker/Owner ABRM, GRI, CDPE
Renee, great explanation for the consumer. Sometimes I think we need to give buyers and sellers a dictionary on our first appointment so they will understand what we are talking about.
Dec 29, 2010 01:32 AM
Arlington Realty, Inc. - Arlington, VA
Ranked Top 1% Nationwide 703-836-6116
Very, very informative, Renee. This is definitely re-blog worthy, as it's clear, concise and the average consumer can actually understand it!
Dec 29, 2010 02:07 AM
State Wide Realty Co. - Farmville, VA
Veteran Owned & Operated
Renee, this is an informative post...it's offers a clear explanation for buyers and sellers that might not understand that this option is available or that there are time constraints attached. Congrats on the feature....you said it so well no one had anything else to add.
Dec 29, 2010 02:36 AM
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
Hi Renee, Few people understand how much the contingencies can change the underlying contract. Hope your 2011 is the best ever!
Dec 29, 2010 02:46 AM
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer
Bill: Very true!
Larry: Making me blush!
Everyone else, thanks for the comments!
Dec 29, 2010 03:33 AM
Better Homes and Gardens RE Shore and Country Properties - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale
Great post, Renee. I find most buyers do not understand contingencies well enough, and a thorough explanation alleviates a lot of apprehension on their part.
Dec 29, 2010 09:45 AM
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes
Hi Renee, THanks for the nice post today. Well done! I've bookmarked it for future reference.
Hope your Holidays are wonderful!
Patricia/Seacoast NH & ME
Dec 29, 2010 12:06 PM
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes
Hi Renee, THanks for the nice post today. Well done! I've bookmarked it for future reference.
Hope your Holidays are wonderful!
Patricia/Seacoast NH & ME
Dec 29, 2010 12:06 PM
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer
Bethesda, MD
Renee,
Good primer even for the seasoned home buyer and seller to know. Contingencies can be thorny indeed.
Jan 22, 2011 01:19 AM
Rainmaker
1,515,028
1,515,028
Renée Donohue~Home Photography
Western Michigan Real Estate Photographer
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