June 8, 2020 Posted by: Iulia Zecheru
A Contingency is a provision in the contract that makes one party’s obligation to perform dependent upon to occurrence of specific events. Most purchase agreements are conditional, or contingent. In a Residential Purchase Agreement, the buyers are protected from not losing the earnest money deposit by certain contingencies: disclosures, home inspection, appraisal, loan, and sale or purchase of other property contingencies. For example, if the buyers are not able to obtain a loan, they can withdraw from the contract without forfeiting the deposit. All of the contingencies are clearly stated […]
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