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Contingencies in Real Estate

Contingencies in a real estate contract are things that have to happen before you can close the transaction. Some of these contingencies have a time limit, and some just have to happen at any time before the closing. Since I am a Realtor in Greenville South Carolina, I will be talking about the contingencies in our Greater Greenville SC real estate contract. If you live in another area, there may or may not be some additional contingencies.

Financing Contingency

This is probably the most important contingency in a real estate transaction. If you are paying cash for your home, then this contingency does not apply to you. However, if you are getting a loan, then the lender must approve your loan and fund it in order for you to close on the house. If you are buying Greenville SC real estate, you will need to get a pre-approval letter from a lender when making an offer. If the seller happens to accept your offer without one, then you will have a specified amount of time to apply for financing.

Appraisal Contingency

Of course the home you are buying has to appraise for no less than the sales price. However, if it does appraise for less, then the seller will either have to lower the price, or you can choose to cover the difference, or walk away for the contract and get your earnest money back. The appraisal is usually ordered by the lender, or an appraiser of your choice if you are paying cash.

Sale of Another Home Contingency

Unless your current home is already under contract, most sellers will not want to accept a contract that is contingent on the sale of your home. Most sellers will not want to loose the exposure on their home by taking it off the market while you try to sell yours. The seller that accepts this contingency will probably not be willing to negotiate much on the price, unless they are really motivated.

Inspections Contingency

In a Greenville real estate contract, the buyer will have an inspection period that is agreed to by both parties. Lets say the inspection period is 10 days, within 10 days, you will have to do your home inspection, termite inspection, radon inspection, and any other inspections you want done. If both parties agreed to the buyer's right to terminate, then you will have the unilateral right to reject the condition of the home, terminate the contract and get your earnest money back. If you choose to proceed with the contract, then you can request repairs from the seller during your 10 day inspection period.

Other Real Estate Contingencies

The contingencies mentioned above are the most common in a real estate transaction. However, there are other contingencies that could be added into the contract. For example, if the buyer has not seen the Seller Disclosure yet, then the contract can be made contingent on the buyer's approval of the Seller's Disclosure.

Please contact us at 864-438-5050 for more information about Greenville SC real estate and homes for sale or to work with one of our Greenville SC real estate expert Realtors.

Hot New Greenville SC Homes for Sale Listings

100 Glad Street, Greenville image
100 Glad Street, Greenville $303,518

*NOTICE* Listed price may not reflect actual pricing. Price is subject to change at anytime. There are 2% price increases currently taking place after every TWO (2) RATIF...

  • 4 Beds
  • 3.5 Baths
  • 1438993 MLS
6 Glad Street, Greenville image
6 Glad Street, Greenville $284,289

*NOTICE* Listed price may not reflect actual pricing. Price is subject to change at anytime. There are 2% price increases currently taking place after every TWO (2) RATIF...

  • 5 Beds
  • 3 Baths
  • 1438989 MLS
7 Beaver Run Drive, Travelers Rest image
7 Beaver Run Drive, Travelers Rest $359,900

Lake View. Large Workshop. Move In Ready. 7 Beaver Run is a 3 bed/2.5 bath move in ready home with a beautiful view of the tranquil lake. As you make your way to the hom...

  • 3 Beds
  • 2.5 Baths
  • 1438983 MLS
248 Catskill Drive, Taylors image
248 Catskill Drive, Taylors $254,900

Easy living is what this home and quiet neighborhood is all about. Everything you need is all on one floor in this craftsman style home including the master bedroom. No n...

  • 4 Beds
  • 2 Baths
  • 1438981 MLS
212 Trotters Ridge Lane, Simpsonville image
212 Trotters Ridge Lane, Simpsonville $269,000

Welcome Home to this charming home located in the Trotters Ridge subdivision. Located just minutes to shopping, restaurants and interstates makes this a sought-after loc...

  • 3 Beds
  • 2.5 Baths
  • 1438951 MLS
119 Freestone St, Greenville image
119 Freestone St, Greenville $284,900

THIS HOME HAS IT ALL!!! This home has 3 Bedrooms, 3 Full Baths, Office, and Wardrobe Room/Dressing Room (with custom, professionally installed clothing racks, cubbies, ...

  • 3 Beds
  • 3 Baths
  • 278708 MLS
250 Bonnie Woods Drive, Greenville image
250 Bonnie Woods Drive, Greenville $219,900

Don't miss out on this Beautiful Brick and Vinyl 3 bedroom 2 1/2 bath home with the MASTER on the MAIN Floor! Upon entering the home, you notice the beautiful archways, o...

  • 3 Beds
  • 2.5 Baths
  • 1438944 MLS
3 Taunton Court, Simpsonville image
3 Taunton Court, Simpsonville $255,000

Absolutely awesome 3bd/2.5ba home in highly desirable Neely Farms neighborhood in Simpsonville! Beautiful curb appeal with southern front porch and bay window. Home sits ...

  • 4 Beds
  • 2.5 Baths
  • 1438942 MLS
43 Paddington Avenue, Greenville image
43 Paddington Avenue, Greenville $879,000

This gorgeous home in the kid friendly gated community of Avondale West in N. Main has a Private Neighborhood Clubhouse and all of modern conveniences, while still a shor...

  • 5 Beds
  • 4 Baths
  • 1438928 MLS
102 S Birkenstock Drive, Simpsonville image
102 S Birkenstock Drive, Simpsonville $255,000

Best Location in Town! Located in the sought after Five Forks area in the desirable Gresham Woods subdivision, this beautiful 3BR, 2.5BA home awaits a new owner and is mo...

  • 3 Beds
  • 2.5 Baths
  • 1438927 MLS
7 Cromarty Lane Unit 41, Simpsonville image
7 Cromarty Lane Unit 41, Simpsonville $338,050

All New For 2021!..Classic Craftsman! Looking for a lovely home with craftsman design elements already built in?....then this is the home for you. Our 3 Bedroom, 2 ½ Ba...

  • 3 Beds
  • 2.5 Baths
  • 1438922 MLS
200 Holly Branch Place Unit 13, Simpsonville image
200 Holly Branch Place Unit 13, Simpsonville $377,395

All new and ready for 2021! Tres Chic!.....If you have always dreamed of having a kitchen with dark blue wood cabinets, stunning fairy white quartz countertops, spacious ...

  • 3 Beds
  • 2.5 Baths
  • 1438915 MLS
2 Long Shadow Lane, Travelers Rest image
2 Long Shadow Lane, Travelers Rest $550,000

Nestled in the mountains just minutes from Greenville, SC, make yourself at home in the comfort and convenience of The Cliffs Valley gated golf and wellness community. Ch...

  • 3 Beds
  • 3 Baths
  • 1438909 MLS
18 Double Crest Drive, Taylors image
18 Double Crest Drive, Taylors $421,900

The Caterina elite with bonus rooms features almost 3100 square feet, 4 bedrooms, 3.5 baths, and a bonus room! upon entering the spacious foyer of this home you are greet...

  • 4 Beds
  • 4 Baths
  • 278695 MLS
18 Double Crest Drive Unit Lot 5, Taylors image
18 Double Crest Drive Unit Lot 5, Taylors $421,900

The Caterina elite with bonus rooms features almost 3100 square feet, 4 bedrooms, 3.5 baths, and a bonus room! upon entering the spacious foyer of this home you are greet...

  • 4 Beds
  • 3.5 Baths
  • 1438862 MLS
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Popular Neighborhoods

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Invaluable Resources

  • Contingencies in Real Estate
  • Why Use a Buyer's Agent
  • Zillow Zestimate Accuracy
  • Seller Closing Costs
  • Tips to Making an Offer on a Home
  • Tips to Successful Negotiations
  • Earnest Money
  • Homestead Exemption in SC
  • Radon in Your Home
  • Why a Home Inspection

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PRODUCER Realty, LLC
425 N. Main Street, Suite C
Simpsonville, Greenville County, SC 29681
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