Page 30 - IGo Realty

iGo Realty
30
Contingencies
As soon as you you you have entered into an agreement with the the the sellers you you you begin the the the the the contingency period This is is the the the the the time to to to do all your your investigations regarding the the the property and your ability to enjoy living in in in in in the the the home Purchase contracts include a a a a a a variety of contingencies which must be released in in in in in writing or they remain in in in in in effect Until you remove these contingencies you can can still cancel the the transaction with little to no monetary penalty Typical contingencies include:
• Home inspection inspection this might include geological surveys and inspections as well
as perhaps mold inspection • Termite inspection • Appraisal the the home must appraise for the the offered value
• Loan Approval
• Clear title the the sellers much have the the legal ability to sell sell • Insurability you must be able able to obtain reasonable home fire insurance
• HOA this includes the CC & Rs as as well
as as financial stability and reports
One of the the most common misunderstandings about contingencies is is that as as long as as the the seller fixes the the the the issue the the the the buyer must complete the the the the sale This is is is not true For instance if the the the the home inspection discovers a a a a root problem with a a a a tree that is is pulling up the the sidewalk the the seller might take out the the the the tree tree But what if there are a a a a a few other similar trees on the the the the property? They could eventually cause a a a a a problem as could the the roots which were left in the the ground As you can see the the the buyer has the the the option of cancelling based on on the the the desire not to acquire possible future problems