" /> WHAT ARE CONTINGENCIES ON A CONTRACT? - Manny Deol Real Estate
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Contingencies (Subjects) are commonplace in contracts of all kinds. A subject allows for one party or another to legally back out of a contract on the event of some specific condition occurring. They are protection against the unknown. In real estate, there can be subjects inserted for either a buyer, seller or both. These take many different forms and until removed in writing, either party may change their mind.
 Homebuyers subjects could be:
  • Home Inspection – the condition of the hone
  • Code Violations – an investigation into improvements made without permits
  • Final Loan Approval – the loan is ready for signature and close
  • Speciality Inspections – mold, geological, septic, well
  • Insurance at a reasonable rate
Sellers can also have their own subjects, such as one which states the sale is contingent on seller finding a new home.

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