Contingencies are your legal outs. They're
the clever little clauses that, if properly written and inserted into the contract,
allow you to change your mind based on certain things happening. Contingencies
can include anything from the inability to obtain a mortgage loan to failing a
house inspection. The trick is that you can't get out a contract if you don't
have a contingency approving it.
Each contingency clause
included in your purchase contract will have a specific potential impact on the
outcome of your contract and closing objectives. Be sure they are definite and
leave no room for interpretation.
5 of 22