Gives the buyer time to secure a mortgage; the deal dissolves if the loan is denied.
Allows the buyer to have the home professionally inspected and negotiate repairs or cancel the contract based on the findings.
Verify repairs are completed and sign the final closing documents.
Contingencies are protective clauses that allow the buyer to walk away from the deal with their earnest money if certain conditions are not met:
Both the buyer and seller should have an attorney review the drafted contract to ensure legal compliance.
To ensure a smooth and legally compliant transaction, both parties should follow these steps:
