Resolving Contingencies
| Please refer to your contract for the precise terms of your contingencies. Some of the most common contingencies in Virginia are: | ||||||
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Sale
of Home
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When it's
a buyer's market, it is possible to make the purchase of your next home
contingent on the sale of your current home. Generally this contingency
won't be accepted in a Seller's market. Your realtor should be able to
guide you on how to best use this contingency.
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Home
Inspection
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It is a good idea to have a home inspection on your new
home, even if it's just for informational purposes. "For Information
Only" allows the buyer to learn about the house without a kickout
from the contract. The standard Home Inspection contingency allows the
buyers to address major issues about the house with the sellers. Solutions
may range from full repairs to a monetary allowance to nothing at all.
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Radon
Inspection
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Radon may be found in one townhouse while the home next
door has none. Ask your home inspector if radon inspections are available
or request a referral from your real estate agent. Radon inspections may
also be done for your information only.
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Lead
Based Paint
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Houses built prior to 1978 may contain lead based paint.
It is strongly recommended to have the home tested to find out if lead
paint is in the home and the condition of the paint. For more information,
refer to: http://www.epa.gov/lead/leadinfo.htm.
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Questions? |