Contingency contract
By admin - Last updated: Wednesday, July 1, 2009 - Save & Share - Leave a Comment
A contingency contract would be a contract that has one or more specific clauses that must be satisfied before the buyer and/or seller are required to close on the sale of the property. Some of the more common contingencies include financing, satisfactory inspections, repairs, clearing title, lender approval of a short sale, the selling of a buyer’s current residence or the seller finding suitable housing.
Make sure you include a contingency clause in the contract that covers all concerns you may have with the transaction.