What is a Contingency? State Wide Realty Answers
Q?: What is a contingency in a purchase contract and what does it mean?
A: A contingency is an accommodation to allow for situations that could cause you to not be able to purchase the house or land under the original terms of the contract and therefore; the contract would be voided or amended to the situation.
A contingency can be anything from getting financing, home inspection, soil tests, or anything that the buyer may need to have or be completed to successfully purchase the property.
The sellers have the right to accept or refuse any contingencies a buyer may put in the contract. If the sellers accept a contract with a contingency, for example financing, if the buyer cannot secure a loan for the purchase amount then they are not bound to buy the property. The sellers are then free to accept other offers on their property.
Having a contingency in your contract is not a bad thing and it does help protect both parties in a purchase depending on the circumstances. So don’t be afraid to ask for what you need when buying a home or land.
Looking to buy? Then let one of State Wide Realty Company’s agents help you to navigate the real estate market. With over 300+ combined years of experience they are ready and able to help you with making your property ownership dreams come true. Call Us today at 434-392-6163 or visit our website at www.VaStateWideRealty.com.
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Farmville, VA 23901