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When interested in purchasing a home, to show the seller you are a serious prospect and have access to funding, buyers typically submit a formal offer contract. An offer contract on a house often includes basic information about the buyer, seller, and property, the amount of the offer, a deposit, and proof of funding. These are meant to make the seller feel good about the transaction. To put the buyer’s mind at ease, it is common to include contingencies, or conditions that must be met in order for the deal to go through. Here are three common contingencies you might find in an offer contract:
While all three of these contingencies are unlikely, in real estate purchases there are many processes in place, such as contingency and escrow, to provide all involved parties with the most security possible. To learn more about concepts related to title, see our Title Page.