What are real estate contingencies when selling or buying a home in Orlando 32803, 32804, Windermere 34786, Winter Garden 34787, Winter Park 32789, Clermont 34711 Florida?
It is the criteria that must be met on an executed real estate contract in order for the sale to be finalized and for the home to close escrow.
The criteria, or contingencies, typically fall under four major categories:
Appraisal: An opinion of value determined by a licensed Appraiser.
Loan approval: the final qualification of a mortgage.
Inspections: home inspection, roof and chimney inspection, termite inspection, and if applicable, a septic tank and a well inspection, mold, HVAC, soil, etc.
Reports and disclosures: title and escrow reports, State and local reports, and property disclosures
The buyer has time to review all contingencies during the contingency timeframes. The contingency timeframes are agreed upon in the initial contract and in most cases are around 7-17 days. A buyer can request an extension if they need more time and a seller could agree.
In some cases, a Seller can negotiate “no contingencies” if the Buyer agrees to a really aggressive offer. In Florida, once you remove your contingencies, your deposit is at risk; so the buyer should be sure not to remove them until they are satisfied w/ all of the aspects of the home.
The good news is that once all contingencies are removed, a seller has much more assurance that the home will close.
I’m Alexia Clemens, with White Brick Real Estate; the cornerstone for YOUR Real Estate Relationships.
Thanks, Alexia! You are awesome!
