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How can contingencies protect me when buying a home?

Purchasing a home in Delaware is a major financial and legal step, and it is prudent to make every effort to ensure that you understand how to protect your interests. One of the ways you can do this is by including contingencies in your contract. Before you sign anything, you may consider how the wording of your purchase agreement could shield you from unnecessary financial risk.

Including contingencies in real estate contracts is quite common. Contingencies ensure that you get the information you need about the home you want to buy, or you can use them to ensure the seller does certain things. This protects you from buying a home with expensive problems or unknown issues.

What can I ask for as the buyer?

When buying a home, there are certain things that you can ask for as contingencies in your contract. Meaning, if the homebuyer does not do these things or give you this information, you can back out from the sale without fear of certain penalties. You may find it beneficial to consider the following contingencies to the following as part of your purchase agreement:

  • Regarding the condition of the home or improvement of certain things
  • Requiring the homebuyer to have an inspection of the home done
  • Depending on your ability to secure the appropriate financing and insurance
  • Requiring the seller to provide a valid legal title for the property you hope to buy

The purchase of a home is a transaction that will impact your life for years to come. You would be wise to move forward with intention, ensuring that you are not exposing yourself to risks and costly issues that could come to light after the purchase is final. Real estate transactions are complex legal proceedings, yet there are things that you can do ensure that you avoid problems, both now and well into your future.

Don’t buy problems when buying a home

Including contingencies in your purchase agreement can keep you from buying unnecessary problems when buying your home. Many buyers believe that having an experienced real estate agent is enough, but in reality, it can be quite beneficial to have the guidance of an experienced attorney when taking this step.

Your legal ally can review the terms of your contract, help you address any issues that arise, and ensure that your agreement includes any contingencies necessary to protect your interests. Before you agree to a contract, you would be wise to first seek an evaluation of your case.

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