There are many steps to purchasing a new
home. After the initial offer is made, buyers and sellers often negotiate
before they come to an agreement. Buyers then deposit earnest money to show
they are serious about the purchase, and both parties begin the closing
process.
However, a lot of things can go wrong
between signing the contract and closing on a house. To protect buyers, several
types of contract contingencies may be included in the contract. These allow the buyer to legally back
out of the sale if necessary.
Many home contract contingencies are
accepted by sellers, but some may weaken offers on a home. Here are four common
types of home contract contingencies and how to tell which ones may be right
for you.
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Buying or selling a home is an exciting journey. But with so many different things to research and decide, it may be overwhelming. Especially when you aren’t familiar with terms commonly used during real estate procedures. Our experts are here to help! Let’s go through some of the most common real estate terms and what each one means for you.
Annual Percentage Rate (APR)
This phrase is mostly used for home buyers who are calculating their loan amount. Your APR is the amount of interest charged every year on the loan.
Contingency
This is one of the most used words in a real estate contract or by a real estate agent. A contingency refers to certain events that must take place in order for the contract, between buyer and seller, to not be nullified or voided. For example, a buyer’s contingency may state that the seller must replace the water heater before sale is final. If the seller chooses not to meet this requirement, the buyer may pull out of the sale.
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