Real Estate Contingency

Locate a Local Real Estate Lawyer

Find Lawyers in Other Categories
Most Common Real Estate Issues

What are Contingencies in a Home Purchase Contract?

Contingencies in a home purchase contract are conditions that need to be met before the final sales closing can take place. They operate much like “escape hatches”, allowing the buyer to walk away from the deal if the contingencies aren’t met. 

In most real estate contracts, there are usually several weeks in between the signing of the contract and the actual closing of the sale. During this period, also known as escrow, most if not all of these contingencies are expected to be fulfilled. If all contingencies are not met by the final closing, either party may have a right to cancel the purchase contract.

What are Some Common Examples of Real Estate Contingencies?

Some examples of contingencies that commonly occur in a real estate contract involve:

There may be several other different kinds of contingencies in a real estate contract. These will depend on the needs and abilities of both the buyer and seller in the deal.

Legal Disputes Involving Contingencies?

Most legal disputes related to contingencies arise when either negotiating the terms of contingencies in the purchase agreement or if one party fails to meet one of the contingencies after the purchase agreement is signed. If a dispute arises regarding the terms or conditions of the purchase agreement, the parties are generally bound by whatever dispute resolution process is indicated in the purchase agreement. This may require the parties to resolve the matter outside of court.

Do I Need a Lawyer for Help with Real Estate Contract Contingencies?

Buying property is generally a significant financial investment. Contingencies in a real estate contract are important for securing the interests for both buyers and sellers. Before signing a purchase agreement, it is important to consult a skilled real estate attorney to safeguard your investment. Your real estate lawyer can identify important conditions to include in the purchase agreement and help ensure that the conditions are properly fulfilled. In addition, if a dispute arises, a real estate attorney can maintain a record of the purchasing process and represent your interests in court.

Consult a Lawyer - Present Your Case Now!
Last Modified: 07-12-2017 02:33 PM PDT

Find the Right Lawyer Now

Link to this page

Law Library Disclaimer

LegalMatch Service Mark