Contingencies Explained
November 6, 2003
Contingencies abound in the settlement of real estate transactions.
The following are a few of the conditions upon which closing may
depend:
The buyer's" ability to obtain adequate financing.
Appraisal at an agreed upon amount.
Further inspection during which the buyer may bring in experts to
determine the condition of the less visible aspects of the property,
such as plumbing, wiring and foundation.
Approval of the preliminary title report, which may reveal
encumbrances or alter the description of the property.
Sale of another property usually to free the buyer's funds to
complete the purchase.
Let your agent help you; experienced agents are used to
dealing with contingencies.
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