What is a Contingency in Real Estate?
In real estate, we talk about in contracts there being contingencies.
These are addendums or extra paperwork that we add to a sales contract that give the buyer the options to get out of the contract.
The most common one would be a finance contingency. For example: as a buyer, you go and get a loan but that loan doesn’t get approved, you can then get out of the sales contract since your loan wasn’t approved.
Another common contingency is a home inspection contingency. In this example, you have a home inspector come and look at the house you are buying and they tell you about some of the deferred maintenance or structural defects, then you want to get out of the contract based on those findings.
Those are the two most common contingencies that allow you to get out of a contract.
#realestatetips #buyingahome #washingtondcrealestate
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Washington Fine Properties
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e: Matt.Cheney@wfp.com
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Видео What is a Contingency in Real Estate? канала Matt Cheney - Realtor
These are addendums or extra paperwork that we add to a sales contract that give the buyer the options to get out of the contract.
The most common one would be a finance contingency. For example: as a buyer, you go and get a loan but that loan doesn’t get approved, you can then get out of the sales contract since your loan wasn’t approved.
Another common contingency is a home inspection contingency. In this example, you have a home inspector come and look at the house you are buying and they tell you about some of the deferred maintenance or structural defects, then you want to get out of the contract based on those findings.
Those are the two most common contingencies that allow you to get out of a contract.
#realestatetips #buyingahome #washingtondcrealestate
============================
==SUBSCRIBE=
==LIKE== "Likes" help more people find our videos.
==COMMENT== Share your opinion and ask questions! We are here as a resource for you!
Matt Cheney
Washington Fine Properties
M: 202-465-0707
e: Matt.Cheney@wfp.com
Website - https://www.mattsold.com
Facebook -https://www.facebook.com/MattCheneyRe...
Instagram -https://www.instagram.com/matt.cheney/
Twitter - https://twitter.com/MatthewCheney
Видео What is a Contingency in Real Estate? канала Matt Cheney - Realtor
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