What are Contingencies?

Data compiled by: Heather Connor, Realtor

What are contingencies? If you're planning to buy a home in Crested Butte, you should definitely understand what they are, as they may save you.

We're going to cover 5 W's of contingencies which are who, what, why, when, and where.

Who?

Contingencies protect the buyer.

What?

They are the clauses in your contract that allow you to terminate the contract and protect your earnest funds. They can offer the buyer leverage in specific scenarios.

Why?

They are intended as protection for the buyer against unknown and new information about the property that may appear during the due diligence process.

When?

It depends on how aggressive your offer is. You may choose deadlines that are fairly immediate in your contract or you may space them out later in the contract. You may also waive them if it’s an ultra competitive market or a very desirable property.

Where?

Your contingency dates will be inputted in the dates and deadlines section of a colorado contract to buy and sell real estate.

Was this information helpful? If you have more questions, text me at 619.333.7412.

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