The Residential Purchase Agreement contains four different contingencies within it that serve as protections for a potential homebuyer. They can be an incredibly powerful tool if used properly.
They can help you do all of the following:
- Protect your deposit
- Differentiate your offer from other competitors
- Negotiate a lower price
- Exit a transaction if need be
They can also harm you.
Knowing and understanding the details and nuances of the RPA's contingency clauses is incredibly important. The time to do this is BEFORE you start looking at homes and not AFTER you've potentially identified your dream home. This video is designed to educate you on the details involved - they must be perfectly understood before trying to buy a home.
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