Contingencies can help reduce the stress of real estate purchases

Looking for the perfect home can take some time. It is not uncommon for people to become frustrated and stressed after viewing a large number of homes, but when the right one comes along, it can feel as though everything is beginning to fall into place. That feeling may not last long during the due diligence portion of the real estate transaction, and many Ohio buyers may experience significant stress when they realize the enormity of what they are doing. What happens if something goes wrong? Can a buyer walk away from the transaction?

Under certain circumstances, a potential buyer can negotiate new terms or even walk away from the deal, but it takes some forethought. When negotiating a purchase contract, it is important to include contingencies, which are situations in which the buyer may legally walk away. For instance, one of the most often seen is a contingency for financing. If the buyer cannot secure the financing necessary to purchase the home, the deal may be cancelled without penalty and any earnest money will be returned.

Other contingencies include the right to renegotiate or cancel the deal based on the results of inspections of the home, the appraisal and the title search. If a home inspection reveals an expensive and substantial fault with the home, the buyer could go back to the seller and either request a reduction in the purchase price or repairs prior to the closing. If the appraisal comes back and the property is not worth the purchase price, adjustments could be made.

The above are just some examples of the contingencies that could be included in a real estate purchase contract. These provisions can help reduce the stress and concern that a buyer is stuck with a home if something goes wrong. In order to ensure that the appropriate contingencies are included to protect a potential buyer, it would be beneficial to work with an attorney who can help protect an Ohio resident's rights from the beginning the process.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Call Or Email Now

We Are Ready To Work With You!

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Hurley Law

Middletown Office
301 N. Breiel Blvd
Suite A
Middletown, OH 45042

Phone: 513-318-9893
Fax: 513-878-1660
Middletown Office Map

Cincinnati Office
4555 Lake Forest Dr.
Suite 650
Cincinnati, OH 45242

Phone: 513-318-9893
Fax: 513-878-1660
Map & Directions