When purchasing a home, the home purchase agreement typically includes a contingency clause, which is a provision that outlines certain conditions that must be met in order for the sale to be final. These conditions can vary, but typically include financing, inspections, and appraisal.
However, there are some contingencies that may not be included in a typical home purchase agreement. Here are a few examples:
1. The sale of another property: In some cases, a buyer may need to sell their current home before they can purchase a new one. This can be added as a contingency, but it is not typically included in a standard agreement.
2. Contingent on the seller finding a replacement property: Similarly, a seller may need to find a new home before they can sell their current one. This can also be added as a contingency, but it is not typically included in a standard agreement.
3. Contingent on the buyer`s job or income: While a buyer`s ability to secure financing is typically included as a contingency, their job or income may not be. However, if a buyer is self-employed or has an irregular income, this may be added as a contingency.
4. Contingent on the outcome of a lawsuit: If there is a lawsuit pending that could affect the sale of the property, this may be added as a contingency. However, it is not typically included in a standard agreement.
5. Contingent on the completion of repairs or renovations: While an inspection contingency is common, a contingency that requires the completion of repairs or renovations may not be included in a standard agreement.
When purchasing a home, it is important to work with a knowledgeable real estate agent and attorney to ensure that all necessary contingencies are included in the purchase agreement. While some contingencies may not be typical, they may be necessary in certain situations to protect the interests of both the buyer and seller.