When you buy a home in New York, you may find that it helps you build wealth over time. The process involved is sometimes long and complicated, though, and it often involves both you and the seller advocating for your own interests.
Per NerdWallet, contingencies are clauses that dictate that you plan to buy a particular property once certain conditions come to be. Designed to protect you, the homebuyer, contingencies come in many different formats. Disclosures are also an important part of the home-purchasing process. Disclosures refer to the things about a property the seller has a legal obligation to tell you about.
Examples of common contingencies
Your contract may have a contingency clause that states that you intend to purchase a particular home as long as you receive adequate funding from a lender to do so. This is one of the most common contingencies seen in residential real estate.
You may, too, decide to buy a home contingent upon you selling your existing one first. A third common type of contingency clause in residential real estate involves you agreeing to buy a house as long as it passes a home inspection first.
Examples of common disclosures
The person selling you the home has certain obligations with regard to what they must tell you about it. If the home is in an area prone to flooding or other natural disasters, the seller must disclose this information to you. The same holds true when it comes to the potential presence of lead paint. If the house you hope to buy underwent construction before 1978, the seller must let you know if any lead paint-related hazards exist within it.