Probably the most important part of selling a house is keeping it legal! This is where a realtor can really guide you through the issues and take care of some grueling paperwork. There are a few standard contingencies that are designed to protect both parties. There is a financing contingency which is when a buyer needs to secure a loan before the sale is final, otherwise the house can go back on the market. The inspection contingency specifies that the property is inspected to the buyers approval. Attorney review contingency is when attourneys from both the buyers and sellers side review the contract. A buyer contingency allows buyers to remove themselves from a transaction if there are a lot of flaws found on or in the property. This protects the buyer from being sold a house that isn’t stable.
A purchase agreement lays out anything that needs to be fixed or any changes that need to be made to the property before the closing. It is a good idea to make repairs to the house before listing your house so you wont have to come down on the price because the buyers want a few things fixed.