03/03/2023
There are several types of contingencies that can be added to a real estate contract when purchasing a home to protect both buyers and sellers from unexpected changes during the sales process. If agreed-upon contingency clauses or conditions are not met, the contract can be void. Common contingencies include: the buyer must obtain loan approval by a certain date before closing; a home inspection is requested before agreeing to purchase; an appraisal is required if the property is valued less than the purchase price; and a title search to ensure the seller has the right to transfer the ownership of the property.