P a t r i c k J e f f r e y R e a l t yA contingency
is a provision in a contract allowing one (or both) of the parties to terminate
the agreement if certain specified conditions are not met. For example, a financing
contingency may state that if the buyer is unable to obtain a mortgage for a
certain amount within 60 days the contract may be terminated.
It is essential to include appropriate contingencies in any real estate contract
to allow the proper review and inspection of the property.
