Contingencies Used in Purchase Contract
Craig Ackerman discusses contingencies used in purchases
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…Craig Akerman. I want to talk to you about contingencies as they’re used in a purchase contract to protect the buyer.
Purchase contracts are commonly written with contingencies to protect, primarily, the buyer in most cases. Contingencies are defined as the following: terms which are dependent on the fulfillment of a condition. So if you write a purchase offer on a home subject to a series of conditions or contingencies, it’s only once that these conditions are contingencies are investigated by an inspector or an appraiser or yourself or your real estate professional, that the final decision can be reached. So for instance; if you have a building inspection, to investigate the building system; or an appraisal, to estimate market value; or financing, to confirm your ability to borrow money – in each case, the buyer’s contingencies are your friend. Use them wisely with the guidance of your realtor professional at all times.