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Asked by Justina Franklin, Kalamazoo, MI Tue Feb 26, 2008

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2
smith3gary, Agent, White Lake, MI
Tue Feb 26, 2008
Justina, Michelle is correct. Contingencies are used to further define the terms in a contract. Even though you may be using the banks purchase agreement you can still add contingencies to protect yourself. Most will contain a clause stating if the contingency is not satisfied you can get your earnest money deposit back and walk away from the transaction.
Web Reference:  http://mi-lakehomes.com
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Michelle Gor…, Agent, East Grand Rapids, MI
Tue Feb 26, 2008
GRAR (Grand Rapids Association of Realtors) approved forms have several written in, such as; inspections of home that can include plumbing, electric , roof, radon, termite, septic and well (if applicable) basically general over all condition of the home. There is a place on this contract that you can mark if you want the sale to be contingent on the sale of your home. There is a written paragraph in there about financing as well. However, if you are dealing with a short sale or a bank owned home………….they will have their own contract for you to READ and sign, and the rules may and will change. If not, just about anything can be written into a contract as long at it is legal and ethical.
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