A contingency in an Arizona real estate purchase contract is a condition that must be met before the contract can become legally binding. Common contingencies in Arizona include a successful home inspection, the buyer obtaining financing, the home appraisal meeting or exceeding the agreed upon purchase price and the successful sale of the buyer's current property. But there are some contingencies that aren’t talked about quite so much and these can also cause the sale of the home to fall through.
The contingency clause outlines the actions that must be taken and the deadlines for meeting these conditions. If any of the contingencies are not satisfied, the contract may be terminated.
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