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Home Q&A Forum Purchase and sale agreement contingencies?

Real Estate

Purchase And Sale Agreement

California

Asked on Sep 5, 2023

Purchase and sale agreement contingencies?

I am in the process of purchasing a home and have received a Purchase and Sale Agreement from the seller. I understand that there are contingencies that must be met in order for the agreement to be valid, but I am unclear on what these contingencies are and how they will affect the agreement. I am hoping to get some insight from a lawyer on what contingencies I should be aware of and how they could affect the agreement.

1 Attorney answer

Answer

Real Estate

California

Answered 297 days ago

Myrna L.

ContractsCounsel verified

Business Lawyer
Licensed in California
Free Consultation

Contingencies are conditions provided in the contract that need to be met prior to performance or close of escrow. In Purchase and Sale Agreements, it is usually the buyer who negotiates for contingencies to reduce or eliminate their risks prior to close of escrow. Normally, buyer’s contingencies would include appraisal reports, property inspections, mortgages, title reports or sale of another property. More often than not, sellers do not have contingencies in Purchase and Sale Agreements because they want to sell the property in a timely manner; if seller cannot deliver the property, it may deem the property not available for sale in the first place.

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