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How Do Contingencies Work In A Real Estate Contract?
The safety nets that protect your real estate transaction deserve more attention than they get. Those little clauses tucked into your contract—contingencies—can be the difference between a smooth closing and a financial disaster.
Real estate veteran Lori Thompson breaks down the power of contingencies with practical wisdom and straight talk. "When you jump out of an airplane, I always recommend that you pull the little ring over your left breast pocket," she quips, explaining why home inspection contingencies should never be waived, even for brand-new construction. From discovery of grout-clogged drains to missing insulation between garages and living spaces, professional inspections catch what the building department might miss during brief site visits.
Home sale contingencies create a delicate domino effect where one transaction must complete before another can proceed. Lori walks through how "first right of refusal" clauses work and why they're becoming more common again in today's shifting market. Meanwhile, financing contingencies protect buyers through the underwriting process—where seemingly innocent decisions like buying new appliances or changing jobs can derail your mortgage approval at the last minute. "Don't buy a two-dollar toothbrush," Lori warns, only half-joking about preserving your credit status before closing.
Insurance contingencies have taken on new importance as rates continue climbing nationwide, significantly impacting monthly payments. Throughout it all, communication between all parties remains the linchpin of successful contingent transactions. Whether you're a first-time homebuyer or seasoned investor, understanding these protections helps you navigate the complexities of real estate with confidence. Ready to talk contingencies for your next move? Call Lori directly at 719-332-1807—yes, she really answers her phone.
To learn more about RE/MAX Properties Inc. visit:
https://www.LoriThompson.REMAX.com
RE/MAX Properties Inc.
Colorado Springs
719-332-1807
Chapters
1. Welcome to Colorado Springs Life and Home (00:00:00)
2. Understanding Real Estate Contingencies (00:00:50)
3. Home Sale Contingency Explained (00:01:44)
4. Critical Inspection Contingencies (00:03:20)
5. Financing and Insurance Contingencies (00:05:11)
6. Timeline Impacts and Closing Thoughts (00:08:56)
7. Episode Wrap and Contact Information (00:10:46)
11 episodes
