Important Information About Contract Contingencies [infographic] | Bright Law, PLLC

Important Information About Contract
Contingencies [infographic]

When you are going through the process of buying a house, you might be so excited to get a particular property that you consider not asking for contingencies in order to make your offer more appealing. Perhaps you feel you know enough about homes that you don’t need an inspector to tell you all the potential problems. Whatever your issue might be with contingencies, there are many misconceptions of contingencies that can put a homebuyer at risk. Contingencies like the following are there for your protection and consideration:

  • Home Inspections are for Everyone. Whether you are real estate-savvy or a first-time home buyer, home inspections give you valuable information that you will need in order to proceed with the purchase of a home or decide to withdraw or renegotiate.
  • Pest Inspections Can Save You Time & Money. Many pests that can damage your home may not show up in a traditional home inspection. Pest inspections can save you the time and money of dealing with pests upon moving in.

Important Information About Contract Contingencies [infographic]

  • Sewer or Well Inspections for Safe Water. If your desired property has well water, a septic system or a sewer hook-up, these inspections are of great importance since they affect the health of everyone on the property.
  • Mold is an Excellent Hider. Not only is mold easy to get growing, but it can also be damaging to your health and costly to remediate. A mold inspection is a great tool for those who want to avoid this issue altogether.
  • Radon Can be Silent & Deadly. Radon comes through the ground and is an invisible, tasteless and odorless gas that can cause many problems, including some cancers. There are radon remediation options available, but you will need to know about them before getting the keys.
  • Asbestos is a Risk for Any Property Built Before 1978. Asbestos was a common insulator and building material up until its complete ban in 1978. If you have a property built before this time, checking for asbestos is essential, since older fibers are known to be carcinogenic.
  • Lead-Based Paint Inspections are Crucial for Older Homes. Lead-based paint was also banned in the late 1970s, so any home pre-dating that time should be checked for lead paint.
  • Appraisal Contingencies Protect the Buyer & Lender. An appraisal is there to ensure the purchase price of the home is reasonable for the property. This is based on several guidelines and is there to protect the lender from lending more than the actual value of the property.
  • Financing Contingencies Protect the Buyer. A financial contingency protects the buyer should they not secure financing. Most people cannot buy a home without a mortgage of some sort, so financing contingencies negate the contract if the financing doesn’t come through.

Contingencies and inspections are the tricky territory of home buying. To learn more and find out how you can protect yourself in the real estate process, contact us at Bright Law, PLLC today.