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Contingencies in Greenville South Carolina Real Estate Contracts
In Greenville SC real estate contracts contingencies are a common  element. Contingencies are clauses in a contract that give either the buyer or seller a way to get out of the contract if certain conditions or timelines are not met. A commonly used example is that of a buyer making an offer on a new home before selling his existing home, so they make their offer contingent upon the sale of their existing home.
This normally happens when the buyer needs to sell his present home before being able to get financing on the new one. So he makes his offer contingent upon the sale of his existing home. There will always be a time period associated with such a contingency. If the buyer is able to get his present home sold within that time period, the deal can go forward. But if he fails to sell within the specified time period, the seller has the option of getting out of the deal. In most cases, sellers won’t accept this kind of contingency, because they will most likely feel that they can find another buyer capable of closing the deal without needing to sell another home first. Or, they can give the buyers the right of first refusal if another offer without the contingency was presented by another buyer. New home builders are often willing to accept an offer contingent upon the sale of an existing home.
Every contract can be unique. The possibilities for contingencies are virtually endless. Some of the more commonly used contingencies would include:
Financing: Contingencies that depend on the buyer being able to obtain financing are very common.
Home Inspections: Probably the most common type of contingency is the “contingent upon satisfactory completion of inspection”. There are any number of specific types of inspection for which a contingency might be included in a contract. Some of the more common would include inspection by a qualified home inspector for hidden defects, pest inspections, water and sewage system inspections, inspections dealing with the presence of radon or mold, etc. Greenville real estate contracts now have the option to check if the purchaser will have the right or not have the right to terminate the contract if they are not satisfied with the findings on the inspections.
Appraisal: It’s not unusual for a buyer to have a contingency that allows for a formal appraised value at or above purchase price. Since lenders will nearly always want an appraisal performed too, sellers usually don’t have a problem with this.
Remember, just like everything else in real estate contracts, contingencies are negotiable. Always take care before signing that you are comfortable with all contingencies included in your contract. Likewise, take time to think about what contingencies you might like to have added.
Feel free to contact me for the best contingencies to protect you during a transaction.
Greater Greenville County SC MLS Real Estate - Homes for Sale in the Greenville Area of South Carolina. Here you have access to the following market segments: Greater Greenville Entry Level Homes, Greater Greenville Median Homes, Greater Greenville Upscale Homes, Greater Greenville Luxury Homes, Greater Greenville Million Dollar Homes, and Greater Greenville Lots, Homesites and Land for Sale in Greenville County SC. Surrounding towns and communities include: Greenville, Simpsonville, Greer, Easley, Fountain Inn, Mauldin, Taylors, Travelers Rest, Piedmont, Landrum and Marietta South Carolina. Also includes Greenville County, Spartanburg County, Anderson County, Pickens County, Laurens County, and Oconee County real estate and homes for sale. Call Victor Amadi at (864)525-0201. EXIT Upstate Realty
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Greenville SC Real Estate, EXIT upstate Realty Greenville South Carolina, Simpsonville SC Real Estate, Greer SC Real Estate
.jpg) Victor Amadi and Exit Upstate Realty is your local expert in all your Real Estate needs in Greenville, Simpsonville, Greer, Easley, Fountain Inn, Mauldin, Taylors, Travelers Rest, Piedmont, and Marietta South Carolina, and all surrounding cities, towns and communities. You have access to thousands of area real estate listings and homes for sale. Includes property listings and homes for sale in Greenville County, Spartanburg County, Anderson County, Pickens County, Laurens County, and Oconee County. These include, new and existing homes, foreclosures, short sales, lots, and land listings. Plus lots of tools for tools for buyers and sellers. Call Victor Amadi at (864)525-0201. We promise you will be impressed by our service! EXIT Upstate Realty.
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