Dena Burton here with PLG Estates! Today we are going to talk about contingencies. Specifically, home buying contingency periods and how they work. The Buyer can use this home buying contingency time period to get a full property inspectional and investigate all other matters related to the property as the buyer sees fit.
The buyer is allowed to cancel for nearly any reason, so long as the buyer’s contingencies are still in place during the stated contingency period and get their deposit back.
The contingency period allows for a buyer to get as much certainty as he would like prior to committing to closing on the property. There are also other contingencies for certain types of sales as well, such as buyer's contingency to sell his/her own property first, or for the seller to get a replacement property under contract as well. Home sale contingencies protect buyers who want to sell one home and buy another.
In California, there is a standard 17 day contingency period for the buyer to obtain written loan approval, appraisal on the property for at least agreed upon purchase price, conduct all home and property inspections, and also conduct investigations on all other matters concerning the property, neighborhood, and title as the buyer wishes.
If the buyer’s investigation uncovers defects with the property, title, or some other concerns regarding the transaction, the buyer is allowed to back out of the deal, with minimum repercussions so long as their applicable contingencies are still in place! A financing contingency period allows the buyer the opportunity to secure loan approval as a contingency to purchasing the property as well.
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2019
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