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Common Contingencies in Home Purchase Agreements

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Common Contingencies in Home Purchase Agreements

Renting a home is something most people do out of necessity. When the time comes to buy a home, you may find yourself a bit overwhelmed due to the unfamiliarity you have with this process. Once you have found a home you want, you will need to sign a home purchase agreement. This agreement will have a variety of contingencies that have to be met in order for the sale of the home to go through.

Getting guidance from a Naperville family law attorney is a great way to ensure no mistakes are made during the home buying process. The following are some of the most common contingencies you will find in these types of purchase agreements.

A Home Inspection Needs To Be Performed

Among the most common contingencies that will be in a home purchase agreement is a requirement for a home inspection. This will provide you with a legal exit strategy should the home not pass the inspection. Having defects like a leaky roof or bad plumbing can lead to a variety of headaches should you purchase the home.

Knowing about these issues ahead of time can save you from investing in a home with major issues. If the damages found during the inspection are minor, you can ask the existing owner to fix them before the purchase is made. With the help of a Naperville family law attorney, you can reduce the chance of getting taken advantage of during this buying process.

Ensuring Financing is in Place

Getting pre-approved for a home loan is a great way to narrow down the options you have. Putting a contingency in place based on the financing you get is important. There are a number of things that can happen from the time you get pre-approved to when the sale of the home is finalized. If you lose financing for whatever reason, this contingency will give you an out on the purchase of the home in question.

The professionals at The Fitzgerald Law Firm P.C. can help you get a home purchase agreement drafted. Go to their website or call 630-946-6060 to schedule a consultation.

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