Some common contingencies to include in a purchase offer when buying a home are:
1. Home Inspection Contingency: This contingency allows the buyer to conduct a professional home inspection and negotiate repairs or credits based on the findings.
2. Financing Contingency: A financing contingency protects the buyer by allowing them to back out of the deal if they are unable to secure a mortgage loan.
3. Appraisal Contingency: An appraisal contingency allows the buyer to renegotiate or back out of the deal if the appraised value of the home is lower than the agreed-upon purchase price[2][6].
4. Title Contingency: A title contingency ensures that the property has a clear title and protects the buyer from any legal issues or claims on the property.
5. Home Sale Contingency: This contingency allows the buyer to make the purchase of the new home contingent upon the sale of their current home.
6. Other Contingencies: Depending on the specific circumstances, there may be additional contingencies to consider, such as a contingency for obtaining homeowner’s insurance, a contingency for the completion of repairs, or a contingency for the resolution of any outstanding legal or zoning issues.
Including these contingencies in a purchase offer provides protection and flexibility for the buyer, allowing them to address any concerns or issues that may arise during the transaction. It is important to work with a knowledgeable real estate agent who can guide you through the process and help you determine which contingencies are appropriate for your situation.
