Most purchase offers include two standard
contingencies: a financing contingency, which
makes the sale dependent on the buyers' ability
to obtain a loan commitment from a lender, and an
inspection contingency, which allows buyers to
have professionals inspect the property to their
satisfaction.
As a buyer, you could forfeit your deposit under
certain circumstances, such as backing out of the
deal for a reason not stipulated in the contract.
The purchase contract must include the sellers
responsibilities, such things as passing clear
title, maintaining the property in its present
condition until closing and making any
agreed-upon repairs to the property.
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