Contingency The dependence upon a stated event which must occur before a contract is binding.
Rick utilizes state of the art computerized tracking systems to assure all contingencies have been met within their required time lines. In order to avoid defaulting, it is vital to accomplish removal of all negotiated contingencies in a timely manner. Exceptions to prior agreed to contingencies can usually be made but only if in writing and agreed to by all parties prior to the particular deadline of any specific contingency.
I counsel my clients to carefully consider all aspects of the situation before accepting or asking for contingencies. Communication and understanding is the key.
The following are some common contingencies:
Next Step...Protecting Your Interests
- Buyer obtaining loan approval
- Satisfactory Appraisal and Survey
- Sale of Buyer's home
- Seller or Buyer Temporary Lease prior to or after closing
- Receiving and reviewing Home Owners Associations documents including financials