This is a sample Combined Contingency Addendum to Purchase and Sale Agreement. A loan contingency clause in a contract defines a condition that must be met or an action that must be taken before a sales agreement becomes binding.
You bet! Both parties can discuss and agree on the specific contingencies that make sense for their unique situation.
While it adds some extra steps to the process, it ultimately helps ensure that everything is in order before closing, which can save headaches down the line.
Typically, you can include contingencies related to home inspections, financing, or selling your current home, among others.
This addendum protects both parties by ensuring that certain requirements are fulfilled, like securing financing or passing inspections, before moving forward.
It's a document that helps buyers and sellers outline specific conditions that need to be met before the sale of a property can be finalized.