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This Real Estate Offer Is Contingent
Savvy Contingency Clauses Make for Risk-Free Real Estate Investing
We just found what might be a great piece of Las Vegas real estate. The property has lots of potential. How can you put it under contract--without financial risk to yourself--in order to analyze it further?
The answer is simple. Use a contingency clause.
When writing offers to purchase real estate in Las Vegas, it is essential to include language in contracts that protects you and gives you greater control. This is true whether you are dealing with:
- Properties marketed through the MLS, or
- Properties that have been repossessed by financial institutions.
Every buyer’s contract should contain at least one contingency clause.
But what exactly IS a contingency clause?
It’s simple: A contingency clause is language that let’s you get out of a real estate contract--if everything is not what it initially seemed to be--without losing a penny.
Savvy Contingency Clauses
There are literally hundreds of contingency clauses you can use as a buyer. But you don’t need hundreds in your contract--you only need one to get you “off the hook” if you decide not to go through with a deal. Here are a few popular and powerful contingency clauses:
- This offer is contingent upon buyer receiving favorable financing.
- This offer is contingent upon buyer’s inspection and approval of property.
- This offer is contingent upon buyer’s partner’s inspection and approval.
- This offer is contingent upon independent certified appraisal.
- This offer is contingent upon +/- acreage actual usage.
Canceling a Transaction Is Your Right
Some people refer to contingencies as “escape” clauses or “weasel” clauses as if it were somehow wrong to cancel a transaction. But remember, a real estate contract gives you--the Buyer--the specific right to do additional research to make certain that you want to conclude the transaction. And the Seller agrees to give you this right when you use a contingency clause.
What if you inspect the house and say, “This is not what I thought it was. I don’t want it.” Can you get out of the contract? Yes. Do you have to close now? No. Assuming you put down earnest or escrow money, can you get it back? Of course. So what is your risk? None!
Make An Offer With Peace Of Mind
Obviously, you should not go around writing contracts on properties in Las Vegas you have no intention of closing on. Discretion and integrity are important, no doubt. But it does mean that when we use a contract that contains a contingency clause, you can relax and make the best decision for you--with no financial risk.
Feel free to contact us to discuss investing in real estate in Las Vegas.
Contact Us - Call 702-677-8796 Today!
Oh, by the way, if you have any friends or family who are thinking of making a move and would benefit from our service, I would love to talk to them. Just give me a call at 702-677-8796 with their name and number and I would be happy to follow up and take excellent care of them.
We Always Make Time For Referrals!
Linda Strasberg, Las Vegas Realtor, Las Vegas Homes Sales & Real Estate Marketing Specialist
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