inspected and scoured for issues that don’t even exist is not always necessary. Still, it’s an essential document, and you can seek professional guidance if this is the first time you are dealing with it. Real estate attorneys and agents can help you prepare the disclosure statement to ensure that it’s legally valid and that you stay protected against unwanted lawsuits in the future. Depending on the state where the property is located, you are likely to fill out a standardized disclosure form. Disclosure laws vary significantly from one state to another. Some states have stringent laws requiring the seller to carry out an active inspection of the property to search for flaws that they might not have noticed, so be aware of your state’s regulations on this subject.
STAGE 4: DESCRIBING THE CONTINGENCIES
Contingency is quite simple: it means that the seller has accepted the buyer's offer, but the deal's closing depends on certain conditions being fulfilled. Both parties are free to leave the agreement if such contingencies occur. There are different types of contingencies. Any contingency clauses must be described in detail in the sales contract. As a buyer, you must concern yourself with only two of these: Financing Contingencies—A financing contingency is a clause that allows the buyer to liquidate the deal if they cannot secure a mortgage. The contingency protects the interests of both the buyer and the seller. Usually, the buyer is given a period to obtain financing. If the buyer cannot secure a loan, he can break the deal without legal ramifications. While describing a contingency, you also need to clearly mention the time frame within which the buyer is supposed to
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