BluefoxToday blog : December 2010

What Are Real Estate Contract Contingencies?

Las Vegas Real Estate residential real estate contracts are usually written with “Contingencies”.  Merriam-Las Vegas HousesWebster Dictionary definition #4 defines contingent best when it is applied to real estate:

“dependent on or conditioned by something else <payment is contingent on fulfillment of certain conditions>”

Disclaimer:  I am not a lawyer, I am just explaining what contingencies I see in real estate contracts.

When purchasing a Las Vegas House, you will have a time frame to fulfill your contingencies.  You will want to make sure:   the home is sound structurally, it is worth what you are paying for it, it is zoned properly, it is in theschool zone you would like, you can live under HOA guidelines, rules and bylaws, you can get your loan, etc.

This time frame to fulfill contract contingencies is also commonly called:  ”due diligence period” or “inspections period”.

Las Vegas Buyer Contingency Examples:

  • Loan or Mortgage
  • Appraisal
  • Home Inspection(s) (Mechanical, Structural, Soils, Fungal, Pest, Septic, Roof, etc)
  • CLUE Report (Insurability)
  • HOA Document Acceptance
  • Sale of Existing Home
  • Preliminary Title Report

Las Vegas Seller Contingency Examples:

  • Delivery of Marketable Title
  • Short Sale Approval
  • Court Approval (usually for Lis Pendens or Probate)

It is always recommended that Las Vegas Buyers & Las Vegas Sellers have an attorney review their contract prior to signing to make sure they are protected in case they cannot fulfill a contingency.  It’s always better to be safe than sorry!


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 45 commentsRenée Donohue~Home Photography • December 28 2010 06:53PM
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