that you are aware of. It’s not always a necessity to get your home professionally inspected and scoured for problems that don’t even exist. Still, it’s a very important document, and you can seek professional guidance if this is the first time you are dealing with it. Real estate attorneys and agents can help you prepare the disclosure statement to make sure that it’s legally valid, and that you stay protected against unwanted lawsuits in the future. Depending on the state where the property is located, you are likely to fill out a standardized disclosure form. Disclosure laws vary greatly from one state to another. Some states have pretty stringent laws that require the seller to carry out an active inspection of the property to search for any kind of flaws that they might not have noticed, so be aware of your state’s regulations on this subject.
STAGE 4: DESCRIBING THE CONTINGENCIES
Contingency is quite simple: it means that the seller has accepted an offer made by the buyer, but the closing of the deal depends on certain conditions being fulfilled. Both parties are free to walk away from the deal if such contingencies ever occur. There are different types of contingencies. Any contingency clauses must be described in detail in the sales contract. As a buyer, you must concern yourself with only two of these: Financing Contingencies — A financing contingency is a clause that allows the buyer to liquidate the deal in case he/she is unable to secure a mortgage. The financing contingency protects the interests of both the buyer and the seller. Usually, the buyer is provided with a time period in which to obtain financing for the purchase. If the buyer is unable to secure a loan, he has the right to break the deal without any legal ramifications.
While describing a contingency, you must also clearly mention
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