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It might seem as though once you have accepted an offer and the agreement has been signed that the selling process is complete. Not only is it not over yet, but some of the most complex aspects of a real estate transaction now begin.
The purchase agreement sets not only a purchase price for the home, but also a series of terms and conditions known as contingencies. These contingencies include:
Contracts routinely depend on the ability of a buyer to obtain financing, which is why most sellers prefer buyers with preapproval letters from lenders.A growing percentage of transactions involve a home inspection, or a physical review of the home by a trained and independent observer.Lenders will establish numerous conditions before granting a loan. They will want a title exam, title insurance to protect against title errors, termite inspections, surveys and an appraisal to assure that the home has sufficient value to secure the loan.