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April 27th, 2014 11:42 AM

From the desk of…

Jessica Harris

May 2013
Contingencies in real estate contracts

The contingency is a pretty common element in real estate contracts. Contingencies are clauses in a contract that give either the buyer or seller a way out of the contract if certain requirements aren't met. A commonly used example is that of a buyer making an offer on a new home before selling his existing home. The buyer needs to sell his current home in order to get financing on the new one. So he makes his offer contingent upon the sale of his existing home. There will always be a time period associated with such a contingency. If the buyer is able to get his present home sold within that time period, the deal can go forward. But if he fails to sell within the specified time period, the seller has the option of getting out of the deal. In most cases, sellers won't accept this kind of contingency, because they will most likely feel that they can find another buyer capable of closing the deal without needing to sell another home first. But new home builders are often willing to accept an offer contingent upon the sale of an existing home.

Always remember that every contract is unique. The possibilities for contingencies are virtually endless, but here are some of the more commonly used ones:

Home Inspections — Probably the most common type of contingency is the "contingent upon satisfactory completion of inspection." There are any number of specific types of inspection for which a contingency might be included in a contract. Some of the more common would include inspection by a qualified home inspector for hidden defects, pest inspections, water and sewage system inspections, inspections dealing with the presence of radon or mold, etc.

Appraisal — It's not unusual for a buyer to have a contingency that allows for a formal appraised value at or above the purchase price. Since lenders will nearly always want an appraisal performed too, sellers usually don't have a problem with this.

Remember, just like everything else in real estate contracts, contingencies are negotiable. Always make sure before signing that you're comfortable with all contingencies included in your contract. Likewise, take time to think about what contingencies you might like to have added.

Financing — Contingencies that depend on the buyer being able to obtain financing are very common.

What to know for May

May is National Cancer Research Month, National Stroke Awareness Month, and National Mental Health Month. Most of us know someone affected by at least one of these issues. Do a little research and see if you can find a good way to volunteer or donate to one of these causes in honor of someone you know who is affected by one of these health issues.

May 11th is Mother's Day. Don't forget to do something special (even if it's just a phone call or a card) for your mother, grandmother, mother-in-law, etc.

May 26th is Memorial Day. Be sure to thank any veterans or military members you know. You can even volunteer to help with local community activities such as parades, etc.


Jessica Harris  •  Jessica Harris  •  405-820-3104  •  jessicalharris81@yahoo.com



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Posted by Jessica Harris on April 27th, 2014 11:42 AMLeave a Comment

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Fishing season is here! My husband Gary and I take our boys fishing and enjoy the great outdoors.  Oklahoma has alot of great parks and ponds that allow fishing. Like most states, Oklahoma requires a fishing license.  Your fishing license is a one year license that starts in January and ends in December.  You can purchase your license online, which is a fast and easy way to get your license and enjoy a fun day of family fishing.


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Posted by Jessica Harris on March 23rd, 2014 11:56 PMLeave a Comment

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2137 Redbud Creek Ave

Yukon, OK 73099

Beds: 4 Rooms: 0
Full Baths: 3 Sq. Ft.: 2385
Garage: 3 Built: 2014

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Posted by Jessica Harris on March 20th, 2014 10:37 AMLeave a Comment

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