Contingencies in Real Estate

Contingencies in Real Estate Contracts by definition, a contingency is a provision in a real estate contract that make the contract null and void if a certain event were to occur. This of it as an escape clause that can be used under defined circumstances. It’s also sometime known as a condition of sale.

Various types of contingencies can be utilized for the sale of real estate in the State of Massachusetts. Examples include but are not limited to:

• Home inspection
• Financing
• Appraisal
• Title
• Bump clause
• Home sale contingency

These contingencies are just a few that can be utilized for a purchase or a sale of real estate. Of course there are a number of issues that may require a contingency clause other than the ones mentioned. The Buyer or Seller should have competent representation when purchasing or selling a home. A real estate agent should be adept at protecting his or her client while negotiating a real estate transaction no matter what circumstances arise.

As you can see there are many facets of a real estate transaction and because it will probably be the largest investment you will make in your life time, it is imperative you have a real estate expert who is well educated and has your interest in their dealings with you and for you.
For further details on the contingencies of real estate, please contact M. Celata Real Estate either by calling 781-289-7500 or visit our website at www.mcelatarealestate.com