#realestateexplained

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.

Learn More — https://www.trehanluxuryfloorsohna.in/

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.

Learn More - Trehan Luxury Floors Gurgaon

💰 What’s Earnest Money? It’s a deposit made by the buyer to show they’re serious about purchasing a home. Think of it as a “promise payment” that says: I’m all in! ⁠ ✅ Credited at closing ❌ You could lose it if you back out without reason ⁠ Buying your dream home? Don’t skip this step! Got questions about how much to offer or how it works? We’ve got you covered.

📲 Send us a message or connect with a Sage Street Realty agent today!