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Contingencies and Clauses
Contingencies can make a contract voidable.
Contingency
A condition in a contract that requires completion of something before the contract will be binding.
Appraisal
An appraisal contingency protects the buyer and is used to ensure a property is valued at a minimum, specified amount.
As Is
Accepting the property in itās As Is condition.Ā Disclosure still must be made.
Home Sale Contingency
Iāll buy your house if I can sell my house.
Acceptable Financing
I will buy your house if I can get the right loan that is affordable.
Inspection
I will buy your house if the property inspection is good.
Repairs
Ensure the property is repaired before closing.
Warranties
Possession dates
Clear Title
Amendment
a minor change in a document.
Addenda
literally āsomething added,ā from LatinĀ addendum
Time is of the essence.
A contract clause requiring adherence to contract deadlines.
Right of First Refusal
On a contingent offer from a buyer, the agent has not earned his commission until the contingency is removed. An example would be a buyer making an offer based on him securing financing.
