There are a lot of moving parts involved in purchasing a New Jersey home, and many people who have been through the process attest that things often change on a dime. As you navigate the process of purchasing a home, contingencies and disclosures may come into play.
Per NerdWallet, contingencies refer to offers you make to purchase a home as long as certain elements come to be. Disclosures refer to the defects or issues with a particular property that the seller has an obligation to tell you about.
Common real estate contingencies
A mortgage contingency may suit your needs if you decide to move forward with buying a home as long as a home inspection does not turn up major issues within it. A mortgage contingency is another common real estate contingency that may come into play if you plan to buy a property as long as you are able to get a loan for it. If you need to sell your own home before buying one you have your eye on, a home sale contingency may meet your needs.
Common real estate disclosures
In New Jersey, home sellers have an obligation to tell you about any concealed material defects that exist in a particular home. For example, if a home has lead paint or radon issues, the seller has a duty to tell you about them. The same holds true if a home has termites, potentially dangerous mold growth, foundational issues or inoperable HVAC systems.
While contingencies protect you in the event that certain circumstances never come to be, disclosures protect you against purchasing a property with serious defects.
