What Does Contingent Mean in Real Estate?

🌟 Now that you're under contract on a home, it's crucial to navigate the next steps carefully. Join us as we break down the key contingencies in the home buying process and the vital role your buyer's agent plays in ensuring a smooth transaction from contract to close.

🔍 Inspection Contingency: Learn how this contingency allows you to have the property inspected and, if necessary, cancel the contract based on the findings. It’s your safety check against unexpected issues!

🏠 Appraisal Contingency: Discover why ensuring the property you're buying is worth at least what you're paying is crucial for protecting your investment and satisfying lender requirements.

📑HOA Contingency: Find out how reviewing the HOA's financials and rules before moving forward can save you from future headaches if you’re buying in a community governed by an HOA.

💵 Financing Contingency: Understand why securing a loan is critical, and what happens if financing falls through. Plus, learn why obtaining final loan approval from your lender no later than three days prior to the close of escrow is essential for a smooth transition.

🔗 Home Sale Contingency: Explore how this contingency links your purchase to the sale of your current home, providing a strategic way to manage buying and selling simultaneously without the risk of owning two homes.

☀️ Solar System Lease: Get insights into what it means if the property has a leased solar system and how this contingency ensures you can assume the lease under agreeable terms before closing.

👩‍💼 Buyer's Agent Role: See how your buyer's agent is instrumental in understanding the timelines for each of these contingencies, safeguarding your earnest money throughout the buying process.