Q: What is a “contingency” in a real estate contract?
A: A contingency is a condition that must be met for a real estate contract to become legally binding. Common contingencies include:
1. Financing Contingency: The buyer’s ability to secure a loan.
2. Home Inspection Contingency: Allowing the buyer to back out or negotiate repairs based on inspection findings.
3. Appraisal Contingency: Ensuring the property appraises for at least the purchase price.
4. These clauses protect the buyer from unforeseen issues.
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