When you’re buying a home for sale in Midland, Texas, your real estate agent will build contingencies into your contract. These are the most common.

5 Common Contingencies You’ll See When You Buy a Home in Midland, Texas

Contingencies are conditions that must be met before a transaction can go through, and your real estate agent will most likely build them into your real estate contract to protect you. The most common contingencies include:

  1. Inspection contingency
  2. Home appraisal contingency
  3. Financing contingency
  4. Water inspection contingency
  5. Mold remediation contingency

Scroll down for a closer look at each.

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Contingency #1: Inspection

The home inspection contingency is one of the most important you’ll encounter. This contingency gives you the right to have a property inspected before you agree to sign the dotted line and make the purchase. With this contingency in place, you can choose to walk away from the deal if the inspection turns up something that you just can’t live with period additionally, you’ll be able to exit the deal with your earnest money deposit intact.

Related: The 7 best places for iced coffee in Midland

Contingency #2: Home Appraisal

An appraisal contingency is very important, because if the home isn’t worth what the seller is asking you to pay for it, you don’t want to be on the hook for coming up with the additional funding. Lenders generally won’t let people borrow more than a home’s appraised value – but this contingency lets you walk away from the transaction if the home appraises low.

Contingency #3: Financing

If you can’t secure financing for the home, a financing contingency comes in handy. This contingency prevents you from having to purchase the home anyway. Naturally, you must make a good faith effort to secure financing – but if it falls through, you’re okay.

Related: 5 great places to cool down this summer in Midland

Contingency #4: Water Inspection

Many people ask for the right to have a water inspection performed before purchasing a home. This inspection may also include the septic system. It’s up to you whether you elect to ask for this kind of inspection, but remember, you’re the one who’s going to be living in the home – and if there are any issues with the water or septic system, you’ll be the one who has to deal with them.

Contingency #5: Mold Remediation

If your home inspection turns up bold, you may need a mold remediation contingency in your contract. This contingency enables you to ask the seller to correct any mold issues before you make your purchase. Though it’s not always necessary, many people find that having this type of contingency gives them the peace of mind they need to make a purchase.

Related: Do you need preapproval before you make an offer?

Can You Waive Contingencies?

You can waive any contingencies you’d like, but you should always talk to your real estate agent before you do so. That’s because contingencies are in place to protect you throughout the real estate transaction. The last thing you want is to discover an issue after you’ve already made your purchase and have no recourse.

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