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The contingency removal date is the date defined in the purchase offer specifying when the buyer will remove contingencies and commit to closing. If the buyer backs out of a deal after contingencies are removed, they can lose their deposit. In extreme cases, the seller might sue for additional damages.
An inspection contingency, also called a \u201cdue diligence contingency,\u201d gives the buyer the right to have the home inspected in a specified time period. Depending on the findings of the home inspection, the potential home buyer can negotiate repairs or they can cancel the contract.
Termination of the Contract If a contingency goes unsatisfied, one or both of the parties can typically terminate the contract without penalty. Because the buyer has more contingencies, he can more easily walk away. However, the buyer can only terminate the contract if he is not himself in breach.
0:18 3:49 Contingencies and Contingency Removal on a California Real ... YouTube Start of suggested clip End of suggested clip This video is designed to inform you as to the role that contingencies. And the contingency removalMoreThis video is designed to inform you as to the role that contingencies. And the contingency removal play as part of your home purchase. Process you can think of contingencies. As a right to cancel uh
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