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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.

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**Charming 4-Bedroom Home in the Heart of Taylors, SC** Welcome to this delightful 4-bedroom, 2.5-bathroom residence, perfectly situated in the vibrant community of Taylors, SC. Just moments from the city's amenities yet comfortably outside the hustle and bustle of the city limits, this home has the best of both worlds. Step inside to discover a spacious, inviting interior that seamlessly blends modern convenience with timeless charm. The floor plan includes a cozy living area, perfect for family gatherings and relaxing evenings. Each bedroom is generously sized, providing ample space for rest and personalization. The heart of this home is its beautifully maintained kitchen, which comes equipped with modern appliances making meal preparation a joy. The adjacent dining area offers a great space for entertaining, with natural light flowing in from large windows. One of the standout features of this property is its fenced-in backyard, providing a private oasis for outdoor enjoyment. The sturdy privacy fence ensures a serene and secure environment, ideal for children and pets to play freely. Enjoy the bounty of fruitful pear and peach trees that grace the yard, adding a touch of natural sweetness to your outdoor space. For those with a green thumb or a passion for gardening, the included greenhouse is a fantastic addition. Whether you’re an experienced gardener or just starting out, this greenhouse offers a wonderful opportunity to cultivate plants and herbs year-round. Located just minutes away from everyday amenities, including shopping, dining, and entertainment options, this home is both convenient and tranquil. With its ideal location, spacious interior, and delightful outdoor features, this Taylors gem is ready to welcome you home. Don’t miss the chance to make this house your home—schedule a visit today and experience all that it has!

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Welcome home to Whispering Pines! This is a well-maintained END UNIT townhome with three bedrooms, two-and-a-half-bathroom home located in a quiet neighborhood. As you step inside, you will be greeted by an open floor plan with plenty of natural light. The spacious living room has a cozy fireplace and flows seamlessly into the dining area and kitchen, perfect for entertaining. The first floor and hallway have been FRESHLY painted. One of the seller’s favorite spaces is the kitchen where they enjoy cooking. The kitchen boasts GRANITE countertops, STAINLESS STEEL appliances, UPDATED kitchen knobs, UPGRADED faucet, PULLOUT shelves, BLUETOOTH speakers in the ceiling and two pantry closets. The oversized primary bedroom is a private, bright retreat. It features a spacious walk-in closet and an en-suite with DUAL SINKS, a walk-in shower with a glass door, a storage cabinet and toilet closet. There are two additional bedrooms, a full bathroom and dedicated laundry room on the second floor. Relax on the PRIVATE, COVERED back patio. The sellers added ceiling fans in the living room and primary bedroom, updated light in the dining area, upgraded door hardware in the kitchen and CUSTOM BLINDS in the primary bedroom. With his townhome, you are getting the complete package with many features that are not found at this price point. Other highlights of this home include a TWO-CAR garage, and its proximity to shopping, dining and major highways. This home is within walking distance to the Mauldin Sports Complex, Dapper Dog Bark & Brew Bar, the Mauldin Cultural Center and Pop’s Cabin Creamery. Schedule a tour today and make 400 Cedar Bluff Way your new home!

400 Cedar Bluff Way, Mauldin

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