Contingent upon the seller…

Contingencies within a Purchase and Sales Agreement in the state of New Hampshire are common. When the realtor working with a buyer assists in making an offer on a home, he or she will include appropriate protective contingencies based upon a buyer’s circumstances and needs. Inspection and financing contingencies are among the most common, followed by requests for seller concessions. Appraisal contingencies are often included as well – either within the P&S or, in the case of FHA and VA loans, on an amendatory or escape clause form.

Sometimes sellers will include a contingency that makes a purchase agreement subject to something specific, such as the seller finding suitable housing. This is not all that uncommon as sellers want to know they will have a place to live by the time they close on the sale of their home and hand the keys over to the buyers. However, once in a while a seller will throw a curveball at buyers and ask for something a little less typical.

An example might be the seller requesting access to the home for a number of days following the closing to complete their move out of the home. Another possibility is they may ask to remain in the home for a longer period of time as a kind of short-term lease arrangement. It is important for buyers and sellers to understand that some of the less common contingencies come with risks that must be carefully weighed before a decision is made. Buyers and sellers should discuss the implications of an unusual or uncommon contingency within a legally binding purchase contract before they sign it.

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About Melissa Higgins
Client-centered realtor to assist with renting, buying, and selling needs. I work for BHG / The Masiello Group which has a wide range of services to assist in allowing me to help you realize your real estate goals. I serve all of Southern New Hampshire, including Nashua, Merrimack, Bedford, Manchester, Hooksett, Milford, Hollis, Pelham, Brookline, and many others. Contact me to talk about how I may help you.

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