What are contingencies in an offer that you need to pay attention to when selling your home? I’m going to explain the most common contingencies that unfortunately can make a deal fall through. So sellers please be aware this information is very important! Here are common contingencies that can allow the buyer to terminate their agreement.
1. Home Inspection, Wood infestation, Septic or well inspection, Pool inspection, and any physical inspection of the property. so if anything comes up that is wrong with the property within any of these inspections the buyer has the ability to pull out of the agreement and not purchase the home.
2. Mortgage contingency: Can the buyer obtain the financing they need? Sometimes obtaining a loan can fall through, maybe the buyer lost their job or made an unwise big purchase like a new car and this interfered with them obtaining a loan.
3. Planned communities: There is a portion in the agreement of sale that states the buyers will receive a copy of the declaration, bylaws, and rules and regulations of a planned community. This act allows that the buyer may declare this agreement VOID at any time before the buyer receives the association documents and for 5 days after receipt of documents.
All of these contingencies are extremely important because they allow the buyer to terminate the agreement of sale. If you have any questions or would like more information please reach out at any time. Montgomery County PA Villanova 19085, Gladwyne 19035 and Delaware County Pa Wayne and Radnor19087. Kimmy Rolph sells the Main Line and local areas!
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