Skip to main content

What Every Bergen County Homebuyer should know about Contingencies

Purchasing a home is the biggest investment you’ll ever make. So it’s important to feel confident about the home you ultimately decide to make an offer on.

But sometimes things come up that make you not want to purchase the home you thought you wanted to purchase.

Perhaps the home has a costly issue that needs repairs or it’s infested with wood destroying pests and you only found out during the home inspection.

For these kinds of situations, buyers have the use of contract contingencies to help them get out of a contract.

Continue reading to learn more about the various types of contingencies.

Bergen County Home Buying

A contingency is something that allows you to cancel a contract without any penalty – such as losing your earnest money deposit.

Here are the various types of contingencies you may encounter on the Bergen County real estate market:

Appraisal: If a home buyer has to get a loan in order to purchase a home, they can add a contingency that requires that the appraisal is for at or above the amount that they’re getting the loan for.

Loan Contingency: Sale of the home is contingent upon whether the home buyer can secure a loan.

Home Inspection: The home must pass a home inspection with no costly issues discovered. If any are discovered, the buyer can ask the seller to fix them.

Wood Destroying Pest Inspection: This contingency says that before the sale of a home, the buyer has the right to conduct this inspection.

Lead-based paint: Federal law gives all home buyers 10 days to inspect for lead-based paint. Generally speaking, those homes built before 1978 most likely have lead-based paint.

Asbestos, Mold and Radon Inspections: This may require an additional inspection by someone who’s licensed to check for these specific issues.

Homeowner Association Documents: The buyer can obtain a copy of all homeowners association documents, such as meeting minutes where applicable.

Private well inspection. In the event the home is not connected to city water, this inspection ensures the water in the private well is just as clean as the water provided by the city.

Contingent on Selling Current Home. This contingency is particularly popular for current home owners trying to purchase a new home. This means that you’re not obligated to buy the new home unless you sell your current home.

Investing in Bergen County, NJ Real Estate

If you’re ready to take the next step toward purchasing your own Bergen County home for sale, then contact us, Jeff & Debby Adler.

We’ll be happy to assist you by providing you with expert advice as well as such useful resources as:

Until next time,

Jeff

 

About The Adler Home Team

When looking to buy or sell in Northern New Jersey, you may rely on The Adler Home Team and their intimate knowledge of the distinct communities throughout the region. Jeff & Debby Adler continue to lead with contribution and have served over 1,100 families in their 20 year experience in Northern New Jersey. Through their combined efforts, this team of eleven professionals is very diligent in serving a full array of clients from first time buyers to those seeking their expertise in Residential, Condos, Townhomes, Luxury, New Construction, Relocation, Short Sales, Foreclosures and Rental Properties. By accessing the very best in technology, current market data and creative marketing applications, The Adler Home Team takes every measure to ensure that their clients are educated and provided with the critical insights that meet their specific requirements. They teach, lecture and train at the national level on negotiation skills, marketing and team building. The Adler Home Team is most proud and thankful for their strong referral business that confirms their talents, creativity, professionalism, diligence, knowledge, and outstanding integrity. The Adlers look forward to forming a partnership with their clients to help them reach their goals and make smart business decisions. So, when it comes time for you, a friend, or a family member to make a move, trust the Adler Home Team to win for you. Google

Off Topic, , , , , , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *