As a professional, it is essential to understand the importance of knowing what search engine users are looking for. One common query that often comes up in the real estate industry is “purchase agreement are contingent on which two items.” In this article, we will answer this question and explain the significance of these two items.

First off, a purchase agreement is a legally binding contract that outlines the terms and conditions of a real estate transaction. This agreement typically includes details about the property, purchase price, and other relevant information to the transaction.

Now, to answer the question at hand, a purchase agreement is contingent upon two primary items: financing and inspection. These contingencies are put in place to protect both the buyer and the seller in the transaction.

Financing Contingency:

The financing contingency in a purchase agreement specifies that the buyer`s ability to purchase the property is contingent upon obtaining financing. In other words, if the buyer cannot obtain a loan for the purchase price, the contract becomes null and void. This contingency ensures that the buyer is not liable for the purchase price if they cannot secure financing.

Inspection Contingency:

The inspection contingency in a purchase agreement requires that the buyer has the opportunity to inspect the property before closing the deal. This clause gives the buyer the right to back out of the agreement if the inspection uncovers any major issues with the property. It also provides a bargaining tool for the buyer to ask the seller to fix any uncovered issues before closing.

In summary, a purchase agreement is contingent on financing and inspection. These contingencies are in place to protect both the buyer and the seller in a real estate transaction. As a professional, it is crucial to understand and provide valuable information to your audience in the real estate industry. By answering popular queries such as this one, you can attract more visitors to your website and build your reputation as a knowledgeable source in the industry.