Most real estate contracts contain contingency clauses that allow the buyer or seller to end the transaction without a penalty. If certain conditions cannot be met, these are commonly referred to as “escape clauses.”
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Here are the three most common real estate contingencies that include escape clauses.
- a home inspection contingency gives the buyer the right to have the home inspected within a specified time period. This protects the buyer by allowing them to cancel the contract or negotiate repairs based on the findings of a professional home inspector.
- a financing clause stipulates that the offer is contingent on the buyer. Obtaining financing on the property within a set period of time and delivering a written loan commitment to the seller. In cases, where the buyer must sell their current home first, a home sale contingency, gives the buyer a specified amount of time to sell and settle their current home to finance the new one.
- escape clause protects both buyers and sellers. Consult your realtor to ensure that appropriate clauses are included in your agreement.
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.