What are contingencies?

Make sure all contingencies are written into your offer

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:

  1. The buyer obtaining specific financing from a lending institution.  If the loan cannot be found the buyer will not be bound by the contract.
  2. 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.

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