In Visalia, purchase agreements often include contingencies that protect the buyer during the transaction process. These contingencies give buyers the opportunity to back out or renegotiate the deal if certain conditions are not met. Common contingencies include:
- Home Inspection Contingency: Buyers can conduct a professional inspection to identify potential issues like structural damage, plumbing problems, or electrical concerns.
- Appraisal Contingency: Ensures the property’s appraised value meets or exceeds the sale price. If the home appraises for less, buyers may renegotiate or withdraw their offer.
- Financing Contingency: Protects the buyer if they cannot secure a loan. Without this, they may forfeit their earnest money deposit.
- Title Contingency: Ensures the title is clear of liens or legal disputes before transferring ownership.
- Sale of Current Home Contingency: Allows buyers to make their purchase dependent on selling their current home first.
These contingencies are standard and safeguard the buyer’s investment, though in competitive markets, buyers may waive some contingencies to strengthen their offers.