If your offer says "this offer is contingent upon (or subject to) a certain event," you are saying that you will only go through with the purchase if that event occurs.
The following are two common contingencies contained in a home purchase offer:
- The buyer obtaining specific financing from a lending institution. If the loan cannot be found the buyer will not be bound by the contract.
- A satisfactory report by a home inspector (for example) "within 10 days after acceptance of the offer. "The seller must wait 10 days to see if the inspector submits a report that satisfies you. If not, the contract becomes void.
Again, make sure that all the details are nailed down in the written contract.