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Question: What
contingencies should be put in an offer?
Answer:
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 sellers
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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Question: Where
do I get information about closing costs?
Answer:
For more on closing costs,
ask for the "Consumers Guide to Mortgage Settlement
Costs," Federal Citizen Information Center, Pueblo, CO
81009; (888) 878-3256; pueblo.gsa.gov.
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