In real estate transactions, it’s vital that all parties involved are protected legally. Contingencies are used as an extra layer of protection to make sure both buyers and sellers get the most out of the home buying and selling process. However, some clauses benefit one party, while potentially damaging the other.
In the world of real estate, contingent means “something depending on specific circumstances. So if a home seller accepts a contingent offer, this means the deal is almost done but won’t be complete until certain standards are met.
During the home selling process, it’s best to proceed with caution in regards to contingent offers. A standard home sale may include a home inspection contingency, giving the buyer the freedom to walk away from the home if the home inspection doesn’t come back satisfactory. This may also include forfeiting earnest money from the buyer if the sale falls through.
However, it’s vital to examine the purchase contract for all home sale contingencies, especially ones that are not standard. For example, some buyers may add a contingency clause saying the purchase of a property won’t proceed until they can sell the home they currently own.
This can greatly slow down the home selling process and waste time on the side of the home seller.
On average, around 5 percent of contingent offers in real estate fall through. However, this number doesn’t capture the cases that continued but with extra difficulty due to extra clauses in the purchase contract.
Whether there’s a mortgage contingency, home sale contingency, appraisal contingency or any other clauses, it’s vital to comb through the purchase agreement with your real estate agent for optimal results.
As a lifelong resident of Litchfield County, Heather is quite familiar with the beautiful Northwest Corner of Connecticut. In partnership with her husband at Turri, Inc., in Torrington, she managed and grew a 30+ employee electrical contracting firm that served both the residential, commercial and industrial industries. Currently residing in Goshen she hopes to transfer and utilize many of the skills she learned in contracting to the real estate industry.
Knowing how a vital community relies on its volunteers, Heather spent many hours in several capacities at local organizations that she admires. She serves on the Woodridge Lake Finance Committee and House Committee, Victoria Court Condominium Association (secretary) and Educating Canines Assisting with Disabilities (volunteer and nursery mom). Heather has also been involved with Goshen Community Care & Hospice (president of board of directors), Warner Theatre (board of directors), LARC (volunteer), Festival of Trees (founder), the Northwest Chamber of Commerce, and Goshen Business Circle. Heather also served as Vice President of Woodridge Lake’s Board of Directors.
In Heather’s spare time, she enjoys spending time with family usually in an active way by playing tennis, golf, boating, hiking and skiing.
Heather is honored to be a part of the E.J. Murphy team and hopes you will contact her with any of your real estate needs.
