Understanding Contingencies

What Every Buyer Needs to Know About Video Series!

 

When you sign and the seller has a signed offer to purchase a contract, you have binding acceptance, which means you have a legally enforceable contract to purchase that said property. But what if you’re financing that purchase with a loan and all of a sudden something happens and you can’t get a loan for that amount? Or if between the time you have an accepted offer and closing, you discover the septic system is bad, there’s a leak in the basement that allows flooding when it rains, the seller did some remodeling that’s not up to code and the job has to be completely redone. To avoid getting stuck in this nightmare so that you can either get out of that legally binding contract or negotiate remedies or a new cost, you’re going to want to have certain contingencies in your offer to purchase a contract to protect you.

 

We work in the Lake Geneva Wisconsin Real Estate market serving Lake Geneva, Fontana, Delavan, Elkhorn, Walworth, Lauderdale, Whitewater, Burlington and the Western Kenosha County real estate markets. If you would like to work with us, please give us a call at (262) 204-5534.


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