As a lawyer, I can advise you that there are several common contingencies that should be included in a real estate purchase agreement. These contingencies generally serve to protect the interests of both the buyer and the seller, and may include:
- Financing contingency: This contingency allows the buyer the option to back out of the deal if they are not approved for financing, or if they are unable to secure financing on terms that are acceptable to them.
- Home inspection contingency: This contingency allows the buyer to have the property inspected by a professional inspector, and to request repairs or renegotiate the purchase price based on the results of the inspection.
- Title contingency: This contingency ensures that the seller has clear and marketable title to the property, and that there are no liens or encumbrances that could impede the sale.
- Appraisal contingency: This contingency allows the buyer to back out of the deal if the property does not appraise for the agreed-upon purchase price.
- Contingency for the sale of the buyer's property: This contingency allows the buyer to back out of the deal if they are unable to sell their own property within a certain timeframe.
It is important to note that the specific contingencies included in a purchase agreement may vary depending on the circumstances of the transaction, as well as state-specific laws and regulations. As such, it is recommended that both buyers and sellers consult with a licensed attorney to ensure that their specific needs and interests are adequately protected.
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