Negotiations Contingencies And Accepting An Offer

Dated: May 24 2021

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Negotiations & Accepting an Offer

An offer is NOT valid until it is in writing and signed by the buyer. When you receive an offer, make sure that you understand special clauses or sale contingencies. This gives the buyer the right to walk away with their earnest money if these clauses/contingencies are not met.

Common Sale Contingencies

Inspection Contingency

Most offers will be contingent upon a home inspection. If needed, the buyer (or agent) will ask for you to make repairs and/or credit the buyer for items found in the inspection.

Financing Contingency

Also called a "mortgage contingency", which gives the buyer time to apply for and obtain financing. Buyers also might request you to pay for their mortgage costs.

Appraisal Contingency

It is typical for lenders to want a home appraisal to ensure the home is valued at a minimum, specified amount.

Home Sale Contingency

The purchase of your home is contingent upon the sale of the buyer's home.

Keys to Remember!

If you accept an offer, make sure the buyer submits earnest money to title company ASAP

You can always make a counter offer before signing anything

If you sign it, it then becomes a legally binding contract.. so read everything twice

Any changes made to the contract require a written approval from all parties for the change to be valid

You always have the right to reject any offer without further consideration

Need legal counsel?

The real estate attorneys at Crawford Law LLC negotiate FSBO (For Sale By Owner) transactions, as well as home purchasers who are closing on a property on their own, but want to make sure their legal rights are protected.

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Tyler Finkler

Every home (and owner) is unique in its own way, but selling a home isn't rocket science! We live in a world where you can access ANYTHING at the tip of your fingers.. even homes for sale. When wo....

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