There are other types of contingencies in real estate that fall along these sames lines. For example we have home inspection contingencies, and appraisal contingencies. With home inspections, the buyer has an opportunity to have the home professionally inspected to determine what, if anything, needs to be fixed by the seller. If something is found to be wrong during this process, the buyer has the opportunity to back out of the sale.
Another contingency is for the appraisal usually ordered for the lender. This contingency has a qualified third party evaluate the property to determine the fair market value. If the appraisal is lower than the price offered, this contingency allows the buyer to back out of the deal.
If you are looking to buy or sell a home, it’s good to get refreshed with the real estate language. Contact the Arizona Key Team for more information on this topic and/or any other questions you may have. Conduct an Arizona property search at ArizonaKeyTeam.com and create an account to manage your favorites and custom searches.