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.
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.
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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