What are the two standard contingencies found in a purchase offer?
The two standard contingencies found in a purchase offer are: 1. Financing contingency: The home purchase is contingent upon whether or not the buyer can secure a loan from a lender. 2. Inspection contingency: A buyer has the right to have the property inspected for any problems that may have not been disclosed. If significant issues arise, the purchase offer could be revoked. In either contingency, the outcomes may vary. A deposit can be forfeited if the buyers renege on a sale for reasons other than those contained within the contract agreement. If the seller does not fulfill his or her responsibilities (e.g., clear title not given, agreed-upon repairs not made, substantial changes to the property effected before closing), the purchase again, may be forfeited or other consequences may occur.
