CONTINGENCIES
These are conditions that must be met before the contract may be completed, some examples:
Loan Contingency provides that buyer may cancel the contract if he is unable to obtain the required loan.
Appraisal Contingency provides that buyer may cancel the contract if the property appraises for less than the purchase price.
Insurance contingency provides that buyer may cancel the contract if the property is uninsurable.
Jim Forsyth. College Realty Inc. GMAC Real Estate. 14767 Bear Valley Road, Hesperia, CA, 92345