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What is a Real Estate Purchase Contract?

what's in a real estate purchase contract - port a homes for sale
When you find a home you love, whether it’s a condo at Coral Cay or an estate home for sale in Port Aransas, your Port Aransas Realtor® will write a real estate purchase contract for the sellers. The purchase contract outlines vital information and includes contingencies (conditions that must be met in order for you to buy the home) that protect you in case things aren’t working out the way you want them to.

What’s in a Real Estate Purchase Contract?

Your contract will include a description of the property, all the important information about who you are (and who the sellers are), such as your names, addresses, and phone numbers, and the purchase price of the home.

Contingencies

Contingencies allow you to back out of the deal if things go wrong. They provide an “out” for you; some of the most common involve financing, real estate appraisals, and home inspections.

Are You Buying a Home in Port A or North Padre Island?

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What Are Contingencies in a Real Estate Purchase Contract?

What Are Contingencies in a Real Estate Purchase Contract - Port A Homes for Sale
Whether you’re buying a beachfront condo in Port Aransas, a newly built home near the beach, or a $300,000 home on North Padre Island, you’ll end up having a real estate purchase contract. Your Port A Realtor® will draw it up for you, and as long as you don’t waive them, there will be contingencies built into it.

What Are Contingencies?

A contingency is a type of “if this, then that” scenario. They’re built into real estate contracts to ensure that you have an “out” if something goes wrong with the deal.

General Real Estate Contingencies

Your agent can build any kind of contingency into your purchase agreement, but the general contingencies include those involving appraisals, home inspections, financing, and selling your current home.

Appraisal Contingency

If the appraised value of the home is lower than your purchase offer, this contingency can allow you to back out of the deal and get your earnest money deposit back.

Home Inspection Contingency

If the inspection reveals a big problem, you might be entitled to walk away from the deal.

Financing Contingency

You wouldn’t want to be stuck buying a home that you can’t pay for, so it’s customary to include a financing contingency that lets you leave the deal if you can’t secure financing.

Selling Your Current Home

Your agent can make your real estate deal contingent on selling your current home to prevent you from taking on two mortgage payments. If you don’t sell your home, you don’t have to buy the new one.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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What Are Contingencies in Real Estate?

what are contingencies in real estate - buy a home for sale in Port Aransas TX
Contingencies are part of many real estate transactions, and chances are pretty good that you’ve heard the term before.
But what are contingencies, and what do you do if they’re included in your real estate purchase contract?

What Are Contingencies?

Contingencies are conditions that must be met in order for you and the other party (or parties) to execute the real estate purchase contract. The final sale is contingent upon one or more parties to the transaction meeting certain criteria.
Typically, contingencies in a real estate purchase contract fall into at least one of three categories: appraisal, home inspection, or mortgage approval.

Appraisal Contingencies

Most lenders require you to have a home appraised before they’ll lend you the money to buy it. When there’s an appraisal contingency in your contract, you can get out of buying the home if the appraisal comes back lower than what you intend to pay for the home.

Home Inspection Contingencies

You have the right to have a home you intend to buy inspected by a professional home inspector. If the inspector finds something wrong with the home, you can ask the seller to fix it or you can back out of the deal, no harm done.

Mortgage Contingencies

A mortgage contingency protects you and the seller from entering into a contract when you don’t have the money to purchase the home. (That’s another reason that it’s a good idea to get a mortgage preapproval before you even begin house-shopping.)

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
While you’re here, check out our:

You can also check out:

 
 

Filed under: Blog, Buying by Julie Woodward
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