What to Do When All Contingencies Are Removed?

When you’re buying a home, it’s important to understand the various contingencies that are included in the purchase agreement. These contingencies are designed to protect you and provide a way to back out of the transaction if certain conditions are not met. However, once all the contingencies have been removed, you’re committed to going through with the purchase. In this blog post, we’ll go over what you need to know when all contingencies are removed, so you can be fully prepared and confident in your decision to move forward with the purchase.
 

What are Contingencies?

Contingencies are conditions that must be met before the sale of a home can proceed. They typically include conditions such as a successful home inspection, a clear title report, and a final loan approval. If any of these conditions are not met, you have the option to back out of the transaction without penalty.
 

What Happens When All Contingencies are Removed?

When all contingencies have been removed, it means that all the conditions specified in the purchase agreement have been met, and you’re now committed to going through with the purchase. This is typically when the sale of the home becomes final, and you’ll be expected to close the transaction on the agreed-upon date.
 

What are the Next Steps When All Contingencies are Removed?

Once all contingencies have been removed, it’s time to start preparing for closing. You’ll want to make sure you have all the necessary documentation and funds in place, so the closing process goes smoothly. Here are some of the steps you’ll need to take:
 
  • Review the final closing statement: This statement will show you the final costs associated with the purchase, including any closing costs and any prorated taxes or utilities.
  • Obtain homeowner’s insurance: This is typically required by the lender as a condition of the loan, and you’ll need to provide proof of coverage before closing.
  • Schedule a final walk-through: This is your last chance to inspect the property before closing, and you’ll want to make sure everything is in order and all agreed-upon repairs have been made.
 

What if I Change My Mind After All Contingencies are Removed?

Once all contingencies have been removed, it’s important to understand that you’re committed to going through with the purchase. If you change your mind, you’ll likely be in breach of contract, and the seller may be able to take legal action against you. This is why it’s important to be confident in your decision to remove all contingencies before doing so.
 
In conclusion, when all contingencies have been removed, you’re committed to going through with the purchase of the home. It’s important to be fully prepared and confident in your decision to remove all contingencies, and to take the necessary steps to prepare for closing. If you have any concerns or questions, be sure to speak with your real estate agent, lender, or attorney to ensure a smooth and successful transaction.
 
Now that you know what to do when all contingencies are removed, it’s time to take the next step. If you’re ready to buy a home, contact a qualified real estate agent today and start the process. With the right support and guidance, you can confidently navigate the home-buying process and find the home of your dreams.

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