Homebuyers: 3 'Weasel' Contingencies a Contract Needs

weasel contingencies
weasel contingencies

How important are contingencies in a real estate contract? It depends on whom you ask. For the seller, contingencies are the obstacles standing between him and a closed deal. For a buyer, they're the essential protections that could separate him from financial ruin.

Contingencies are the conditions that must be met for you to agree to honor your purchase offer. Privately, real estate agents call them "weasel clauses" because they allow buyers to cancel a contract without paying a penalty and with a refund of their earnest money deposit.

If you are a buyer, these three contingencies are your best friends and should be included in whatever offer you write: