WHAT ARE CONTRACT CONTINGENCIES?
A contract contingency is a condition in the contract agreed to by the
parties (buyer and seller) that, by a date certain:
- An inspection will be performed and report provided
- A loan application will be made
- A loan commitment will be provided
- A contract may have attorney review
- A contract may have a "third party review"
The above are just examples of the variety of contingencies that may
be used in the Contract of Sale for Frederick County Maryland.
For instance:
The Contract is CONTINGENT until a date certain on the buyer performing
a home inspection and providing the seller of notice of any defects. That
means the contract is "contingent" on a home inspection.
The Contract may be CONTINGENT on the seller obtaining an attorney review
by a date certain. That means the Seller will have an agreed number of
days for attorney review.
Your Homefinders.com buyers agent will advise you of the terms of any
contingencies to make sure that all duties required by the contingency
are performed.
SELF EXECUTING CONTINGENCIES
Homefinders.com uses several contingencies that require the seller to
respond by a date/time certain. Otherwise they lose the right to counter
or refuse. Our inspection contingency protects our buyers. If you don't
like what you see in the home inspection, you can void the contract at
that time without requesting repairs or adjustment. That's a powerful
right.
Further, once a home inspection is completed and material defects noted by the inspector, the seller, if they refuse to make repairs, will have to notify future buyers of the defect. AND, the seller's agent will be under the same obligation.
While our goal is to get to settlement, it must be noted that when the home inspector notes serious defects in a home, you DO NOT HAVE TO GO THROUGH WITH THE SALE. This is a right not available to buyers in all states.
Once the repair matters have been agreed to, the HOME INSPECTION CONTINGENCY IS SATISFIED.
That's how contingencies work.
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