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Terms of the Sale - Contingency

Stephanie Crain talks about Common Contingencies in a Home Sale. 1. Financing Contingency – The buyer must be approved for their mortgage. If financing falls through, the buyer can back out. 2. Inspection Contingency – The home must pass a professional inspection to the buyer’s satisfaction. If significant issues arise, the buyer can request repairs, request a price reduction, or walk away. 3. Appraisal Contingency – The home must appraise for at least the agreed purchase price. If it doesn’t, the buyer can renegotiate or cancel. 4. Home Sale Contingency – The buyer must sell their current home before closing on the new one. 5. Title Contingency – The property must have a clear title with no legal claims or liens. What “Contingent” Means in Listings If you see a property listed as “contingent," it means the seller has accepted an offer, but the deal isn’t final until the contingencies are cleared. • During this time, the seller may still accept backup offers in case the first deal falls through. Why It Matters • For Buyers: Contingencies provide protection so you don’t get stuck in a bad deal. • For Sellers: Contingencies add some risk since the deal could fall apart, but they also help move the process forward with serious buyers. House Keys is brought to you by Mountain Retreat Realty Experts https://mtnretreatrealty.com House Keys is produced by Birdman Media™ and supported by sponsors of the Birdman Media™ Community.