Buying or selling a home in Destin, Florida is not always a straightforward proposition. Often the buyer’s or seller’s financial circumstances or personal requirements can cause a few bumps in the road that can affect the finalization of a purchase contract. A Destin home buyer (or occasionally a home seller) may place certain constraints on his offer to purchase a home. Called “contingencies,” these constraints have the potential to jeopardize the pending sale.
Frequently, home owners who are upgrading to a new home will make the purchase of the new home contingent on the sale of their current home. Most often, these buyers need the money from the sale of one home to purchase the other home. Occasionally, it is the seller who makes the house sale contingent on the purchase of a new home. In either case, adding a contingency clause to the sales contract prevents the individual from owning two homes at the same time and being responsible for two mortgage payments.
It is standard in most real estate sales for the buyer to make the sale contingent on the successful outcome of a various inspections that the buyer or his lender may require. Performed during the escrow phase of the purchase before the closing, home inspections that check for structural problems are standard. Many buyers also request pest or termite inspections.
Home sales are also contingent on the buyer obtaining financing, the seller having clear title to the property and other financial or legal issues that affect any real estate transaction.
An experienced Destin Realtor can advise home buyers and sellers about contingencies that are typical in the local area and recommend qualified local inspectors.