Contingencies In Real Estate Contracts

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What Are Contingencies?

Contingencies are basically escape hatches in a real estate contract. They let you walk away from the deal without penalty if certain conditions are not met.

What Are Some Common Contingencies Found In Real Estate Contracts?

Typically, when you sign a contract to buy a building, you should make your obligation to close (i.e. complete the transaction) contingent on certain conditions. Some common conditions on which contingencies are based include:

Do I Need An Attorney To Help Put Contingencies In The Contract For My Deal?

An experienced real estate lawyer can help you put the right contingencies in the contract for your deal. Both residential and commercial real estate transactions can be complicated. Without the proper contingencies in your contract, you may agree to terms that will turn out to be disagreeable in the future. Retaining a lawyer will enable you to make sure that your interests are fully represented.

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Last Modified: 01-05-2015 06:23 PM PST

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