- Financing Contingency: In this case, the home purchase is dependant upon whether or not a buyer can secure a loan.
- Inspection Contingency: In this case, a buyer has the right to have the property inspected for any issues. If significant issues arise, the purchase offer could possibly be revoked.
- Contingent on sale/Closing of Buyers Property
In either case, outcomes can vary. For example, if the buyers back out of a sale for reasons other than those contained within the contract agreement, their deposit could be forfeited over to you. On the other hand, if you don’t fulfill your end of the deal as the seller (for example by not making agreed upon repairs, or by making substantial changes to the property before the closing), there could be ramifications to the purchase as well.