Step 7: Fulfilling Conditions

When we left off, you had looked at a property and decided to put in an offer. Your offer was presented, and now the seller has accepted the offer! But things aren't finished yet! If conditions aren't met, the deal could fall through. This takes us to Step 7: Fulfilling Conditions.

What is a condition/contingency?

Anything that needs to happen before the sale is considered final. The buyer and seller both could have a list of conditions that need to be met.

The 2 Most Common Conditions

There are a number of other things that could be included as conditions. The two most common conditions include a home inspection condition, and a financing condition.

#1. Financing

A financing condition means that the buyers need to secure financing for the purchase within a set period of time.

#2. A Home Inspection

The home inspection condition is pretty self explanatory - the buyers want to have the home inspected by a professional to ensure that there are no hidden problems.

Other Possible Conditions:

Appraisal condition: This means having an appraiser evaluate how much the home and property is worth.

Title condition: makes sure the people you're buying from actually own the property and have dealt with any debts or judgments associated with the property.

Home Sale Condition: Or you may include a home sale condition so that the purchase of your new home depends on your current home being sold.

Forgoing Conditions

Not every offer needs to have conditions, and forgoing conditions can sometimes make your offer more appealing. But your Blue Coast Team agent will help guide you through your best course of action.

Now that conditions have been fulfilled it's time to make it official, and that means having the sale has been legally recorded. Next, it's time for Step 8 where you will meet with a lawyer.