The Florida housing market is competitive, and for buyers, having to make compromises may seem like the only option
to entice home sellers into letting them purchase the home they want. 

Many home buyers may drop contingencies to appeal to home sellers; however, this may open the door to unexpected
perils, as these legalities are in place to provide homebuyers protection. Even if you feel the need to drop a few
contingencies as a homebuyer, there are some of great importance that’s best to keep. 

Inspection contingency

Many real estate agents will tell you they recommend their buyers get a home inspection report. You have a right to
have a licensed home inspector examine the property you’re about to purchase within a specific timeframe (usually a
week) after you sign the purchase and sales agreement. 

From here, if there are any damages needing repair, a contingency can state the seller has to have these damages
fixed and if they refuse, the buyer has the legal right to walk away from the home sell. 

Financing

A financing contingency states the sale of the property is based on the buyer being able to secure funds for purchase
before the transaction is complete. If you’re unable to obtain a loan for some reason as a buyer, this clause
protects you, as it ensures you aren’t responsible for coming up with the money to purchase the home on your
own. 

House-sale contingency

If you’re selling a home and at the same time purchasing a new one, you need this contingency in your contract. This
clause ensures if the sale of your current home falls through, you can back out of the purchase of the new home.
This clause can also be called a “prior-sale contingency.” 

If you’re planning to purchase a home in Florida, speak with your real estate agent and have them discuss the
essential contingencies you’ll need to have in your contract specific to your situation.