When you write an offer for a new home, there are some contingencies that you should consider. The purchase contract should include the seller’s responsibilities. This includes things like passing clear title, making any agreed-upon repairs, and keeping the property in its present condition until closing.

Two of the most common contingencies included in an offer are an inspection and financing contingency. An inspection contingency allows the buyer to have a professional inspection done of the property. If the inspection does not meet the qualifications written into the offer, the buyer has the option to opt out of the contract.

A financial contingency means that the buyer must be able to secure a loan before they are bound by the contract. The deposit a buyer has put down could be lost under some circumstances like backing out of the sale for a reason not mentioned in the contract.