Now i know that some(if not all) of these Contingencies have been covered in previous posts(forums), However I think people need to realize that the wording in some of these "FREE" downloadable contracts do NOT protect you to the extent that you would think:
Example: "Purchase Contingent Upon Financing": the problem with this contingency that i see with a lot of the wording in the contracts is, if Financing is available(you were approved) say @ 15% for 30 yrs, well this clause would not do you any good, cause technically you got financed. Now your stuck paying a payment you now can't afford, or you violate the contract and lose ALL your earnest money. Here's a better way to word it.
1) "THE PURCHASE IS CONTINGENT ON THE BUYER OBTAINING FINANCING SUITABLE TO THE BUYER" This would allow you as the buyer to be relieved of the contract, EVEN if some form of financing was available.
2) "OFFER IS CONTINGENT UPON SUITABLE HOME INSPECTION" The contract CAN allow for the buyer to personally conduct this inspection OR may permit the buyer to hire a professional to conduct the home inspection. Allows you leverage in whether or not to honor the contract. Allows the buyer to inspect the property & reciend(cancel) the contract if I find the property to be in "UNSUITABLE CONDITION", "UNSUITABLE CONDITION" is largely @ the discretion of the buyer.
3) "PURCHASE CONTINGENT UPON ABILITY TO RE-ASSIGN": This allows you(the buyer) of a piece of property to RE-ASSIGN the purchase contract to another buyer without penalty(you would NOT need to add this UNLESS you did NOT sign with YOUR NAME/AND OR ASSIGNS),just something to think about, YOUR HERO, SULLY.
YOUR HERO, SULLY