Contingency Clauses in Contracts

get a good attorney. he/she can guide you through this.

http://www.nytimes.com/2009/08/23/realestate/23cov.html?_r=1&hpw

"The problem is so pervasive that some lawyers have begun incorporating sellers’ representations about bedbugs into sales contracts, adding to now-standard ones about leaks, mold and noise issues."

Yes. When it's time for me to buy, I'll definitely make sure the whole bedbug thing is covered in my contract :)

1. the jumbo loan market has eased recently but you should investigate loan processing and closing
timeframes before committing to a contract terminattion date of november 30th.

2. most contracts contain a mortgage contingency which gives you the right to cancel if you dont obtaon
financing of a contract specified amount at a contract specified rate by a certain date.

3.bank collapse/withdrawl clauses are not standard, altjho you are correct, without your lender you will
be in trouble

4. an alternative to straight cancellation or fighting over your deposit if your bank bellies up is to
use per diem liquidated damages if you close past a certain date, equal either to per diem apartment
maintenance/common charges tx, and poissbly a per diem interest charge.

5. the benefit of using them is that they not only can prevent/avoid default, they effectively preclude
time-of-essence closing demands, which could otherwise require you to close on 15-20 days notice or
forfeit your contract and down payment