These options will help you back out of a deal for a new home if certain conditions cannot be met.
You’ve found that must-have home in Cranston, RI, submitted a successful offer letter, and now you and the seller are ready to negotiate a purchase contract. But suddenly, you feel a twinge of panic in your stomach: What if your current house doesn’t sell and you don’t have the funds to purchase this new house? Or what if that black stuff in the basement turns out to be black mold, and the sellers refuse to pay for remediation?
Take a deep breath. This is what contingencies, or conditions, are for. Contingencies can be included in your contract and determine what terms must be met by seller and buyer before the contract and sale can become final. They allow each party to back out of the sale, and in some cases, the buyer to get earnest money back if the conditions are not met. Here are four common contingencies to consider for your real estate contract.