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The Benefit Of Adding Contingencies To Your Home Offer Contract
Trying to back out of an accepted home offer can get ugly quickly. However, a good real estate agent can prepare any offer you make with the proper contingencies.
These contingencies are clauses included in the contract that give either the buyer or the seller the right to cancel the agreement if specific requirements aren't met.
It’s important that you have the right contingency in place to back out of the deal unscathed. If not, you could lose your down payment and be open to litigation from the seller.
If you need to back out for reasons not covered by any contingency, do it as early as possible, and be prepared to lose your earnest money to cover the costs of backing out.