Selling a home takes patience. When you’ve finally gotten to the point of accepting an offer, you’ll probably breathe
a sigh of relief – and for good reason! However, there are still a few more things that will need to happen before
you’re finished with the home selling process. 

Contingencies on the purchase contract

 A purchase contract typically includes contingency clauses to protect the interests of both the buyer and the
seller. These clauses mean the contract is contingent upon the actions being completed before the contract is
legally binding. 

There are three main contingencies you’re likely to encounter in the purchase contract before closing: inspection,
financing and appraisal.

Inspection contingency

The inspection contingency allows the buyer to have the home inspected by a professional before closing. A home
inspection lets the buyer know what to expect in terms of expected repairs, and helps them identify any major
issues. 

Financing contingency

Since most buyers will be purchasing their home through a loan, a financing contingency is usually included to allow
the buyer time to secure their mortgage. Getting pre-approved makes this process easier, but the buyer will still
have to finalize and close on their mortgage before their financing is official. 

Appraisal contingency

The third contingency most often found in purchase contracts is a home appraisal. 

If the home is then appraised at the amount agreed upon in your contract, this contingency is met. However, if the
appraisal comes up lower than the purchase amount, the buyer can renegotiate the price.

Walkthrough and closing

Once the appraisal and inspection have been completed and financing secured, the buyer will have a chance to do a
final walkthrough of your home. This allows them to go through the home a final time to make sure there haven’t been
any major changes since the appraisal or inspection.

Now you’re ready to close. Your real estate agent will be present to represent you during the process and ensure all
the paperwork is complete. Now comes the big sigh of relief: you successfully sold your home!