Included here are few basic words you will frequently use when on the path to purchase a property. Knowing them will ultimately assist you in your negotiations.
You’ll enter into a contract with the seller, and this means conditions have to be met for the sale to move forward. These conditions are called contingencies. A contingency assures that the buyer is guided towards making a purchase, by fulfilling obligations beforehand. A contingency may require you to secure financing, so as to assure that you don’t undergo financial loss. It may also oblige you to complete an inspection of the home, so you may ask the seller to shoulder the repairs.
A contingency is a buyer’s safeguard, but only within the timeline provided. Otherwise, the deal is off.