Buying a home can be complicated and time consuming. When making an offer on a home to buy, a contract to purchase is usually prepared. In addition to different types of mortgage and the amount of down payments, home buying contingencies are an important part of a home purchase agreement. Knowing what the contingencies are can help home buyers avoid problems during the home buying process.
Home Buying Contingencies Defined
The contract between a home buyer and home seller is called a home purchase agreement. A standard home purchase agreement contains clauses called "contingencies." The contingencies are protections for the home buyer. Each contingency allows the home buyer to usually cancel the home purchase agreement without financial…
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