BLINK Realty Group's Blog
If this is your first time buying a home, you might feel a bit intimidated by the purchase contract. Contracts are often filled with industry and legal jargon, making them difficult to understand for the average buyer and seller.
Contingencies in particular give some buyers cause for concern because their contract depends on the contingencies being fulfilled. However, in most cases contingencies are pretty standard and only serve to protect the interests of both the buyer and seller during a real estate transaction.
In today’s post, I’m going to give you an introduction to contingency clauses and break down some of the most common contingencies you’ll find in today’s real estate purchase contract.
Contingency clause definition
Simply stated, a contingency clause is a statement within a contract that requires a certain event takes place before the contract is considered legally valid. As a result, contingency clauses are used to cancel or invalidate a contract if certain conditions aren’t met before the sale is made final. So, if one party fails to meet the obligation of the contingency, the other party is no longer bound by the contract (or required to buy or sell the house).
Contingencies can get confusing when they are vaguely worded in the contract, making them difficult to interpret. In these cases, a court may decide the specific meaning of the clause or determine that it is too vague to be legally upheld.
The other instance in which contingency clauses can be confusing is when a party includes a contingency that is atypical for a real estate purchase contract. Buyers and sellers alike should be wary of unusual contingencies.
The main contingencies
Appraisal contingency. Designed to protect the buyer, appraisal contingencies require that a home is appraised at a minimum amount, which is stated in the contract.
Financing contingency. Another contingency geared toward protecting buyers is the financing contingency. It states the number of days that a buyer has to secure financing for the home. This allows the buyer to cancel the contract (and offer) if they’re unable to secure suitable financing for the home.
Inspection contingency. One of the most important and most common contingencies is the inspection contingency. It allows the buyer to have the house inspected by a licensed professional within a certain number of days. This protects the buyer against unforeseen expenses and repairs that will need to be made in the near future.
House sale and kick-out contingencies. A house sale contingency gives the buyer a certain number of days to sell their home before financing a new one. However, since this can be a risky clause for sellers, a kick-out clause is often included. This contingency allows the seller to keep the home on the market and entertain other offers while the buyer secures financing and sells their other home or homes.
No home is complete without a bathroom. Bathrooms are in daily use and so requires renovation occasionally. Before you renovate your bathroom, there are some important things to consider. Some of what you should think about when renovating your bathroom is as follows:
Select Elegant Fixtures
This is very important because it affects the overall feel of your bathroom. You should be aware of the fact that small margins can make a huge difference. Therefore, it is better to renovate your bathroom with quality and beautiful material to bring to make it look appealing. You can consider a freestanding bath if your bathroom is large enough. This will make your bathroom look classy and creates an aura of elegance.
Sit in the Bath Before you buy it
In this case, bigger is not always the best. A 1500mm can accommodate most people. It is wrong to assume by sight so lie in it to be sure it works for you. The essence of doing this is to make sure it has enough space for you to stretch without any discomfort. Also, if you are buying a double-ended bath, you should check if you can comfortably sit on it. It might seem obvious, but it is advisable to sit on it. It can be very frustrating if you buy a bath for two and you discovered at home that it can only fit one.
Select durable flooring
Durable and water-resistant flooring is ideal in this case. Some of the materials to consider are marble, stone, and ceramic. When selecting your bathroom flooring material, you should have in mind that your bathroom floor is always in contact with the most challenging conditions in the home, often wet and with regular activity. Well-sealed, hard wearing flooring is essential for the bathroom’s wellbeing. You should do adequate research to know how best to care for your bathroom floor.
Build a shower Area
A built-in shower area can be of great value. Also, when you build an open shower area, you give your bathroom a unique look and make it appealing to guests. Apart from the well-designed drainage, an excellent showerhead and shower enclosure can make the bathroom attractive and stylish.
Hang a Stylish Mirror
You should always have a mirror in your bathroom. It is essential for both beauty and practicality. You can make your bathroom more beautiful by adding a well-designed mirror. Apart from that, it can also provide an illusion of space.
Check your home supplies store for the best bathroom tubs and flooring materials to see how they look and feel before buying.
Applying fresh coat paint is one of the easiest ways to revamp your home inside and out, especially when a professional painter does it. Many homeowners view painting as an easy job, but it is a complicated job that requires patience, skills, and the right tools. Before you attempt to give your room a new coat of paint, it is important to know the common mistakes most people make. However, identifying these mistakes doesn't guarantee a flawless job, so it will be wise for you to avoid the hassles and hire a pro to get it right.
Using the wrong brush
There are times when a paintbrush is the best tool to use, and there are times when it is better to use a roller. However, there are several types of paintbrushes out there, so it is essential to know which one you need before you decide to carry out a painting job in your home. Apart from buying the brushes, you need to know which works best. For example, synthetic brushes work best with latex paint while natural bristle brushes are ideal for oil-based paints.
Painting a dirty surface
Your walls might look like they don’t need cleaning, but actually, they do. Before you paint your ceilings or walls, it is essential you clean them. When the paint gets applied on a clean surface, it looks and stays better, but if there is dirt or dust, it will interfere and result in a rough job.
Putting too much paint on the roller
Many people think putting more paint on the roller will get the job done fast, but too much paint on the roller will drip and spread roughly. Instead, dip your roller lightly into the paint and roll back and forth on a tray until the paint stops dripping.
Painting on a un-prepped surface
If you want your painting efforts to be sleek, make sure you remove flaking and peeling paints. Also, glossy surfaces need a good scraping or sanding before applying a fresh coat paint. Otherwise, the paint won't stick well.
Skipping the tape
Apply tape around door frames, windowsills, and any place that requires clean edges. Unless you are an expert at cutting in, failing to use tape will result in a sloppy-looking paint job.
Skipping the Primer
Primer helps cover the old color from bleeding through; it makes your paint durable and also adheres the paint to the wall.
Painting the Ceiling Last
If you paint the walls as well as the ceiling, it is best you paint the ceiling first or else the drips from the ceiling may ruin the paint job on the walls.
Call a professional painter to help you with your painting job at home for the best results.
Most adults go through a series of predictable life stages, which include the eventual desire to be a home owner. Some people take the plunge sooner than others, but that decision is typically set in motion by changing circumstances, such as financial readiness, additions to the family, or career advancement.
Owning your own home certainly has a different "feel" to it than being a renter. Not only do you tend to feel more established and successful, but home ownership gives you more control over your environment. When you no longer have to answer to a landlord, you don't have to concern yourself with unannounced visits, inspections, restrictions, rent increases, or even lease terminations.
Renting an apartment, condo, or duplex may make the most sense when you're getting your first taste of independence as a recent college graduate or a young newlywed couple. However, as maturity settles in, buying a house becomes the next logical step. In addition to the investment value of real estate, most people also gravitate toward the idea of more privacy, more control over their lives, and the sense of accomplishment that comes from owning your own home.
Parenthood brings changes. Once children come into your life, your whole perspective undergoes a seismic shift! New priorities come to the forefront, such as relocating to a better school district, living closer to relatives or a recommended child care facility, and having a spacious yard where your kids can play. Owning property with a private, grassy space for a sandbox, a swing set, or backyard birthday parties are also among the reasons home ownership appeals to young parents.
Gardening becomes an option. With few exceptions, the joy of backyard gardening is a pastime that's only available to home owners. Whether your interest lies in growing your own vegetables, herbs, or wildflowers, cultivating a garden can be a very satisfying aspect of home ownership. While there is definitely more work involved in landscaping, maintaining property, and keeping your lawn looking manicured, the pride of ownership that comes from beautifying your own yard makes it all worthwhile!
Building equity: While deluxe townhouse rentals and luxury apartments may offer some temporary appeal, there comes a time in life when you want your monthly payments to begin feathering your own nest, rather than helping your landlord retire comfortably! Although your rented living space may provide you with immediate comfort, ample storage, and a place to entertain friends, it's your landlord, not you, who's receiving the tax advantages and investment value of the property you're living in.
Even though apartment living or townhouse renting may have suited your purposes up until now, you can't help but wonder whether it's time for a change -- specifically, a change that can strengthen your financial security and provide you with a resource you can leverage and enjoy for years to come.
After you accept an offer on your house, it is only a matter of time before you need to move out. This means a home seller will need to start packing up his or her belongings and figure out which items need to stay and which items need to go.
Ultimately, it often pays to leave high-quality items behind as part of a home sale. And if you include top-notch items as part of a home listing, you may be better equipped than other home sellers to receive multiple outstanding homebuying proposals.
Determining which items to leave behind as part of a home sale can be simple. In fact, here are three of the most common items that home sellers choose to offer in a home listing:
If you intend to move into a house that already has a refrigerator, there may be no need to bring your current refrigerator to your new address. Thus, you can include your current refrigerator as part of your home listing.
A refrigerator that looks and performs great may be worth several hundred dollars. Therefore, this appliance could become a key part of a tight negotiation with a homebuyer and may help you move closer to finalizing a home sale agreement.
Of course, if you include your refrigerator in your home listing, you also won't have to worry about moving this big, heavy appliance to your new address.
2. Washer and Dryer
Your washer and dryer have helped you keep your clothes clean and dry for many years. Now, these appliances may prove to be exceedingly valuable to a homebuyer who wants to avoid the hassle of shopping for a new washer and dryer.
If possible, it may be worthwhile to include a washer and dryer in a home listing. Plus, you can include information about the age and condition of your washer and dryer to help your home listing stand out from others.
3. Big-Screen TV
A big-screen TV that served as the centerpiece of your living room or man cave may be tough to move. Thankfully, you can include this item in a home listing and make it simple for a homebuyer to enjoy a wonderful TV as soon as he or she buys your house.
Determining which items to leave behind as part of a home sale sometimes can be tough. Fortunately, if you work with a real estate agent, you can get expert assistance as you put together a home listing.
A real estate agent is happy to provide comprehensive support throughout the home selling process. He or she will learn about your home and help you craft a home listing that highlights your house's features. In addition, a real estate agent will set up home showings, respond to your home selling concerns and questions and much more.
When it comes to selling your house, don't hesitate to leave various first-rate items behind. By doing so, you may be able to make your home more attractive to potential homebuyers and boost your chances of a fast home sale.