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Orlando Florida | Real Estate Contingencies

June 4th, 2007 by asands

ou have a fully executed contract, all is ready to go. Or is it?

You have a fully executed contract, all is ready to go. Or is it? Don’t forget that there are contingencies that may cancel the contract and you find yourself back at square one in the process.

Red Door Cottage on Betz, Old Metairie, Jefferson Parish, LouisianaYou have a fully executed contract, all is ready to go.  Or is it?  Don’t forget that there are contingencies that may cancel the contract and you find yourself back at square one in the process. 

Understanding the contingencies in a contract up front is one way to be prepared.  Another is to eliminate them from the contract.   Some contracts contingencies that you might encounter in the sales process are:

  • Contingent On the Sale of another Property – This means that they sale is dependent on the sale of another property. 
  • Home Inspection – The buyer has the right to inspect the home and make a decision to not purchase if there is a significant defect.  (related to this could be lead, radon, mold, termite, well and septic systems.
  • Mortgage Approval – If the buyer cannot be approved for a loan the deal can fall through.
  • Survey – A survey verifies the property lines and if there are any encroachments on the property.
  • Appraisal – Most common reason for contracts to fall apart because the Bank will not finance a home greater than the appraised value.  The buyer might have to bring money to the table to purchase.

Every contract is different, understanding contigencies will ensure that your stress level is managed.  Contingencies are just part of the contract.  Make sure you discuss the contingencies you put in your contracts and what they mean with a trusted Real Estate Professional or Attorney before agreeing to them.

Visit the Orlando Avenue Top Team website for additional helpful information.

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Teri Isner, CIPS, CRS, GRI
Keller Williams At-The-Lakes
66 Riley Road
Celebration, Fl 34747

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