Sure, here is a summary of the most common real estate contract contingencies in simpler language:
Financing contingency: This means that the buyer has the right to back out of the deal if they cannot get a mortgage or other loan to pay for the property.
Appraisal contingency: This means that the buyer has the right to back out of the deal if the property is not worth as much as the agreed-upon price, as determined by an appraiser.
Inspection contingency: This means that the buyer has the right to back out of the deal or ask the seller to fix any problems found during a professional home inspection.
Title contingency: This means that the buyer has the right to back out of the deal if there are any issues with the ownership of the property, such as outstanding liens or disputes over the title.
Sale of buyer's property contingency: This means that the buyer has the right to back out of the deal if their current property does not sell within a certain time frame or for a certain price.
These contingencies are included in a real estate contract to protect the interests of the buyer and/or seller and to provide a way to handle unexpected issues that may arise during the transaction.
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