What Are Real Estate Contract Contingencies?

What a timely post - I get asked this so much.


Once again, Renee writes a great post that is so informative to potential buyers.

Las Vegas Real Estate residential real estate contracts are usually written with “Contingencies”.  Merriam-Las Vegas HousesWebster Dictionary definition #4 defines contingent best when it is applied to real estate:

“dependent on or conditioned by something else <payment is contingent on fulfillment of certain conditions>”

Disclaimer:  I am not a lawyer, I am just explaining what contingencies I see in real estate contracts.

When purchasing a Las Vegas House, you will have a time frame to fulfill your contingencies.  You will want to make sure:   the home is sound structurally, it is worth what you are paying for it, it is zoned properly, it is in theschool zone you would like, you can live under HOA guidelines, rules and bylaws, you can get your loan, etc.

This time frame to fulfill contract contingencies is also commonly called:  ”due diligence period” or “inspections period”.

Las Vegas Buyer Contingency Examples:

  • Loan or Mortgage
  • Appraisal
  • Home Inspection(s) (Mechanical, Structural, Soils, Fungal, Pest, Septic, Roof, etc)
  • CLUE Report (Insurability)
  • HOA Document Acceptance
  • Sale of Existing Home
  • Preliminary Title Report

Las Vegas Seller Contingency Examples:

  • Delivery of Marketable Title
  • Short Sale Approval
  • Court Approval (usually for Lis Pendens or Probate)

It is always recommended that Las Vegas Buyers & Las Vegas Sellers have an attorney review their contract prior to signing to make sure they are protected in case they cannot fulfill a contingency.  It’s always better to be safe than sorry!

Billie Hillier - Las Vegas Real Estate Agent working with sellers, buyers, and renters. You can read my full bio here at Billie Hillier.

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Below are a few of my favorite links and tools to help you find your new home. 

 

Las Vegas Real Estate Tools

·         Las Vegas Home Search

·         Las Vegas Luxury Homes

·         Las Vegas & Henderson Homes with Pools

·         FHA Approved Condos

·         Homes Without HOAs

·         Las Vegas Rental Home Guide

·         Las Vegas Zip Code Map

·         Search by Community

·         Retirement Communities Las Vegas

·         Real Estate Articles

·         LIDs, SIDs & HOA Info

 


Las Vegas Real Estate

·         Aliante Homes in Las Vegas

·         Arlington Ranch Homes in Las Vegas

·         Canyon Gate Homes in Las Vegas

·         Centennial Hills Homes in Las Vegas

·         Coronado Ranch Homes in Las Vegas

·         Desert Inn Country Club Homes in Las Vegas

·         Elkhorn Ranch Homes in Las Vegas

·         Iron Mountain Ranch Homes in Las Vegas

·         Las Vegas Country Club Homes in Las Vegas

·         Los Prados in Las Vegas

·         Lynbrook Homes in Las Vegas

·         Mountains Edge Homes in Las Vegas

·         Providence Homes in Las Vegas

·         Queensridge Homes in Las Vegas

·         Rhodes Ranch Homes in Las Vegas

·         Silverstone Ranch Homes in Las Vegas

·         Southern Highlands Homes in Las Vegas

·         Spanish Hill Homes in Las Vegas

·         Spanish Oaks Homes in Las Vegas

·         Summerlin Villages

·         Spanish Trail Homes in Las Vegas

·         Woodcrest Homes in Las Vegas

·         Henderson Real Estate

·         Anthem Heights Homes in Henderson

·         Anthem Country Club Homes

·         Anthem Homes in Henderson

·         Black Mountain Vistas Homes in Henderson

·         Calico Ridge Homes in Henderson

·         Green Valley Homes in Henderson

·         Green Valley Ranch Homes in Henderson

·         Green Valley South Homes in Henderson

·         Inspirada Homes in Henderson

·         Lake Las Vegas Homes in Henderson

·         MacDonald Ranch Homes in Henderson

·         Seven Hills Homes in Henderson

·         Sun City MacDonald Ranch in Henderson

·         Whitney Ranch Homes in Henderson 


Las Vegas Condos

·         FHA Approved Condos

·         Boca Raton Las Vegas

·         Manhattan Condos Las Vegas

·         Veer Towers in Las Vegas

·         Wimbledon Tennis Club Las Vegas

Summerlin Villages - Las Vegas 

·         The Arbors at Summerlin

·         The Canyons at Summerlin

·         The Crossing at Summerlin

·         The Gardens at Summerlin

·         The Hills at Summerlin

·         The Hills South at Summerlin

·         The Mesa at Summerlin

·         The Paseos at Summerlin

·         The Pueblo at Summerlin

·         Red Rock Country Club at Summerlin

·         Ridgebrook at Summerlin

·         The Ridges at Summerlin

·         Siena at Summerlin

·         Summerlin Centre

·         The Trails at Summerlin

·         The Vistas at Summerlin

·         The Willows at Summerlin

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For market reports: every effort was made to make information as accurate as possible - while deemed reliable, not guaranteed. All stats are through GLVAR.

Comment balloon 2 commentsBillie Hillier • December 28 2010 09:03PM
What Are Real Estate Contract Contingencies?
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