The Minneapolis Star Tribune posted an article today (What’s a contingency? March 3, 2006) that defines a contingency as “written clauses in a purchase agreement, typically giving the buyer time to secure financing or evaluate some aspect of the property before closing.”
The article goes on to talk about contingency from the perspective of the seller. Our job (as exclusive buyer agents) is to look at contingencies and other clauses from the perspective of the buyer. A contingency, for instance, may not be the best deal for a seller but for a buyer it can be a good way for a buyer to keep their interest in a home and buy time to sell a home or otherwise take care of details that make buying a home difficult.
Submitted by Mary Rugani