How to make an Offer to Purchase
Contingencies
Contingencies will be an important part of your Offer to Purchase. Contingencies are conditions that must be satisfied or you will not be required to go through with the purchase after your offer is accepted.
Most buyers make an Offer to Purchase contingent upon their ability to obtain satisfactory mortgage financing. Without this contingency, you could risk losing your earnest money, or worse, if you cannot get a mortgage loan.
Other common contingencies include:
- getting a satisfactory home inspection within a specified period of time
- obtaining a termite inspection
- obtaining satisfactory well and septic tests
- requiring evidence that the property meets building and safety code requirements
- obtaining an appraisal with a value not less than the offered price
- getting a satisfactory attorney review of your Offer to Purchase (if offer was not prepared by an attorney)
