A contingency is a condition in a purchase contract. If the condition isn’t met, the buyer may have the right to adjust terms or cancel under the contract. This post is general information, not legal advice.
Common contingencies
- Inspection: The buyer can review the home’s condition
- Appraisal: The home’s appraised value supports the loan
- Loan: The buyer’s financing is approved
- Sale of another home: Some buyers must sell first
Deadlines matter
Each contingency has a time limit in the contract. Your agent tracks the dates and explains your options before each one passes. For legal questions, consult a real estate attorney.
Have a contract and questions? Contact me.
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