If you're looking to buy a home this year, there are some key terms that you need to know the definitions to. You need to know the word contingency, which is a condition of the sale that needs to be satisfied before moving forward with the purchase. And there's four main contingencies of any purchase. First is a home inspection. You need to check out the home to see what kind of condition it's in. Second is a loan contingency, which sometimes can take up to 21 days to satisfy. Third is an appraisal. If you are getting a loan, the bank wants to make sure your property is worth what they're lending you. And finally, there's a title contingency. You want to make sure that there's no outstanding leans on the property before it gets transferred to your name. Now, there can be more contingencies depending on how you write your contract. But I hope you found this helpful and follow for more real estate tips.
