What are contingencies?
The buyer’s obligation to buy the property is subject to the satisfaction of a number of contingencies in the contract. These contingencies are terms in the contract which must be satisfied by a time specified in the contract. All satisfaction of contingencies should be done in writing within the time frame set forth in the contract. Technically, if a contingency is not satisfied within the specified time period, that contingency may be deemed to have been waived. Each party to the contract should understand the importance to act upon each contingency according to the strict deadlines described in the contact. Failure to do so could result in an unwanted result. Your real estate agent is there to handle these contingencies on your behalf and keep you informed of the escrow’s progress. If you have any questions regarding your contract contingencies, be sure to ask us!
