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Most offers include
two standard contingencies: a financing contingency,
which makes the sale dependent on the buyers' ability
to obtain a loan commitment from a lender, and an
inspection contingency, which allows buyers to have
professionals inspect the property to their satisfaction.
A buyer could forfeit his or her deposit under
certain circumstances, such as backing out of the
deal for a reason not stipulated in the contract.
The purchase contract must include the seller?s
responsibilities, such things as passing clear title,
maintaining the property in its present condition
until closing and making any agreed-upon repairs
to the property.
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