Contingencies (Other (Not Listed) Sample)

Contingencies
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Contingencies
Contingencies are conditions that either the seller or buyer must fulfil before the property sale can go through. These conditions are given by either the buyer or seller and are indicated in the contract, making them enforceable. Typically, a contingency will consist of the following sections: the condition that should be fulfilled before the agreement can be executed, the period in which the requirement should be fulfilled, and the person who is supposed to fulfil this condition (Galaty et al., 2018). Therefore, these features of a condition should be present for a part of the contract to be considered a contingency.
There are three main types of contingencies that the law recommends be present during real estate transactions to prevent litigations that may result from ignoring these issues. They include, mortgage, inspection, and property sale contingencies. A mortgage contingency is meant to protect the buyer when seeking a mortgage to finance a property purchase and will mainly indicate the buyer can recoup any deposits they may have paid to the seller if the mortgage application is not successful. On the other hand, an inspection contingency provides the buyer with an opportunity to ensure that the property is in good condition before purchasing it. Usually, the sel