Buying Highlands NC Real Estate, 3 Most Common Contingencies
Meadows Mountain Realty, answering all of your Highlands NC real estate questions
Buying Highlands NC real estate? You might want to be aware of the 3 most common contingencies in a purchase contract. Contingencies protect you and ensure that you are making a wise purchase. An experienced Highlands NC REALTOR will ensure that your best interests are looked after and that you understand the buying process from start to finish.
Financing contingency
When buying real estate, the “financing contingency” is one of the most common protections for buyers. This clause allows the buyer to cancel the contract without penalty if they are unable to secure a mortgage by a specified date. It ensures buyers aren’t legally bound to complete the purchase if their loan falls through, which helps mitigate financial risk.
Inspection contingency
Another widely used contingency is the “inspection contingency”, which gives the buyer the right to have the Highlands NC property professionally inspected. If significant issues are discovered, such as structural damage, plumbing problems, or roof concerns, the buyer can negotiate repairs, request a credit, or walk away from the deal entirely within a defined time frame.
Appraisal contingency
The “appraisal contingency” is also critical, particularly when financing is involved. It protects the buyer if the home appraises for less than the agreed purchase price. In such cases, the buyer may renegotiate the price, pay the difference in cash, or back out of the contract. These contingencies help ensure buyers are not overpaying or committing to a home with hidden issues.
Learn more about Highlands NC real estate
Contact our Berkshire Hathaway HomeServices Meadows Mountain Realty team today to learn more about buying a home in Highlands NC. We welcome the opportunity to update you on the market while answering all of your questions. Let our knowledge and experience serve as your guide to buying Highlands NC real estate.
Click here to read “What Are the Most Common Contingencies?” from Realty Times.