A contingency clause in a purchase contract is a clause that states a specific condition that must be met – or a particular event that must happen – before the purchase of the property can be finalized.
Contingencies are common in real estate purchase contracts. For example, you want to make sure the house is in good condition. You make your purchase contract contingent upon your approval of a complete physical inspection of the property.
The standard state of California real estate purchase contract provides for a 17 day contingency period. The buyer and seller can set a different amount of time by mutual written agreement.
The standard state of California real estate purchase contract also requires contingencies to be removed in writing. If the buyer does not remove them in writing within the required time period, the seller may then make a written demand on the buyer to perform.
As your agent, we will help you write an offer that includes clear and specific contingencies, that are fair and reasonable for all the parties involved.
When purchasing a property at trustee sale, or through court ordered sale, contingencies are not generally accepted. In those cases, we will discuss what options are available to protect you as the buyer prior to making an offer.
Would you like to know more? Call Bob Taylor Properties at 323-257-1080 or email at email@example.com