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What Are Contingencies in a Real Estate Contract?

what are contingencies in a real estate purchase contract - farms for sale florida

Whether you’re buying a large farm near Lake City or a land-home combo in the same area, you’ll have a real estate purchase contract to seal the deal. Within that contract, you’ll most likely have contingencies—but what is a contingency, and why do you need them in your contract?

What is a Real Estate Contingency?

A contingency in a real estate contract is a condition that must be met (by either the buyer or the seller) in order for the transaction to go through.

Common Real Estate Contingencies

Some of the most common real estate contingencies involve mortgage approval, appraisals, and home inspections.

Mortgage Approval Contingency

Having a mortgage approval contingency in your contract protects you in case you can’t obtain financing to buy the home. If you can’t get a mortgage, you’re off the hook; you can walk away from the deal without losing your earnest money deposit.

Home Appraisal Contingency

When you borrow money from a lender to buy a home, you’ll need to have the home appraised. The lender will hire an appraiser, and he or she will value the house based on its current condition in the current market. If the appraisal comes back lower than the asking price, your lender is likely to pull their loan approval; they don’t want to lose money. Having an appraisal contingency in your contract lets you leave the deal if the appraisal comes back low.

Home Inspection Contingency

If the home inspection turns up issues, you can ask the seller to fix them, take some money off the asking price, or walk away from the transaction if you have a home inspection contingency in your contract.

Are You Buying a Home in Lake City or the Surrounding Communities?

We’d love to help you find your dream home here. Call us at 386-243-0124 or get in touch with us online to let us know what you’re looking for so we can start searching right away.

In the meantime, take some time to explore:

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15585 184th St $549,900

15585 184th St McAlpin, Florida

2 Beds 2 Baths 1,130 SqFt 41.81 Acres

Posted in: Blog, Buying Tagged: Appraisal Contingency, Contingencies, Contingency, Financing Contingency, Home Inspection Contingency, Inspection Contingency, Mortgage Approval Contingency, Mortgage Contingency, Real Estate Contract, Real Estate Purchase Contract

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Search Smarter

Did you know the hottest North Florida land for sale often sells within days of being listed? Don't miss out! Set up your own custom property alert so you can be notified of the newest land as they hit the market! Simply click the button below and choose the types of North Florida land you are looking for and save your search to start getting alerts today!

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As a local expert, I also have access to North Florida land for sale before it hits the market and can show you more information that is only accessible in the MLS. If you would like to set up a time to go over your real estate needs, please free to contact me contact me at your convenience. There is no obligation and or pressure... I hope to hear from you!

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