When you’re buying a home, you’ll make an offer and put down an earnest money deposit. All that shows the seller that you’re serious about buying his or her home—but there are some contingencies that will allow you to back out of a deal without losing your deposit… provided they’re listed in your real estate contract.
Typical Real Estate Contract Contingencies
The most common contingencies Realtors® build into real estate contracts include appraisal, home inspection, financing, and selling your current home.
Contingent on Appraisal
If the appraised value comes in below the purchase offer, you may be able to leave the real estate deal without losing your earnest money deposit.
Contingent on a Home Inspection
If the home inspection reveals conditions you can’t live with—or that you don’t want to take on when you buy—you may be able to walk away from the deal.
Contingent on Financing
You don’t want to be stuck buying a house you can’t obtain financing for, so this contingency lets you back out of the deal if you aren’t approved in time.
Contingent on Selling Your Current Home
If you can’t sell your current house before buying the next one, a contingency like this one will let you leave the deal with your earnest money intact.
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