Buying Property

Contingencies

You can make your offer contingent (or dependent) on a certain event. That means that you’ll only buy the house if that event occurs. The most common contingencies in an offer include:

• Getting a loan. If you can’t find a loan, then you won't be bound by your offer.
• Getting a job in the area, if you’re relocating, or just a new job.
• Receiving a satisfactory report from your home survey within so many days after acceptance of the offer. If the inspection reveals major defects, you can withdraw your offer or negotiate with the seller to have the repairs made.

Remember, get all the details spelled out in writing in the contract.