4 Essential Guidelines When Evaluating Real Estate Contingencies
A contingent offer is pretty standard. It means an offer on a home has been made and the seller has accepted it, but the finalized sale is contingent upon certain criteria that have to be met. Contingencies help outline the needs of buyer and sellers to encourage accurate and clear communications during the transaction in an effort to reach an agreement.
Contingent statements are an excellent way to communicate concerns and are submitted in good faith to facilitate your housing goals. It is really important to carefully read each statement to make sure it correctly conveys your thoughts and wishes. Here are 4 essential guidelines when evaluating real estate contingines.
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It should be as reasonable as possible so as not to put either party in a situation that has no hope of being resolved.
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It should include time limits so as not to be interpreted as open ended.
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It should include definitions whenever applicable and always utilize clear language.
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It should include the “five W”‘s. Who, what, why, when and where and if there is a cost who pays for it.
