There is no denying that the process of purchasing a new home in Dallas is an exciting one. Such excitement may prompt you to want to rush into putting a property that you think is your dream home under contract with the hopes of completing your purchase as soon as possible. Yet many clients have come to us here at Palmer & Manual PLLC in your same position without first thinking about what protections they may want to place in their purchasing contracts to help keep them from making a potentially port decision. Such additional thought need not deter you from pursuing a property, but rather ensure that you are getting what you think you are paying for.
Whenever you (as a potential buyer) put a home under contract, you will want to ensure that certain contingencies are put into the purchasing agreement to help protect your down payment. Such contingencies are meant to allow you to back out of a contract (with your down payment) if information surfaces that causes you to question your decision to buy the home. Per Realtor.com, two of the more common contingencies meant to protect you as a buyer include home inspection and appraisal contingencies. If the home does not appraise for the value the seller is asking for, or if issues with the home’s structural integrity arise during an inspection, these contingencies would essentially void your contract.
There are also contingencies that a seller may request that protect their interests. One might be to include a contingency that requires you to obtain financing within a certain period of time. If you cannot meet the deadline, then this contingency lets the seller back out of the deal while keeping your down payment.
More information on home purchasing contingencies can be found throughout our site.
