Contingencies

Contingencies are anything in the Contract that has to be performed by one party or the other for the sale to take place. For example, the sale of another home that a Buyer needs to sell in order to close on the sale of the hone they are buying.

Other common boiler plate or built in to the contract contingencies include the home appraising to the contract price, the Buyer’s ability to obtain a loan, inspection issues that can’t be remedied, HOA fees, covenants and any other record matters that the Buyer learns about after entering in the sale with the Seller that is not acceptable for the Buyer.

In addition, there may be any number of other contingencies contained in the Additional Provisions of a contract. Adhering to all the contingencies contained in a contract takes someone knowledgeable of them and the ability to make sure they are met by both Buyer and Seller.

This could equate to the majority of Buyers already being linked up with an Agent who relies primarily on the MLS to find property listings. The same applies for Buyers. They will reference the well known real estate websites that have listings downloaded from the MLS and not seek out websites with only a handful of listings.