Use our easy-to-customize property purchase agreement template to create your legal document online in minutes. There are many types of contingencies that can be included in real estate contracts on the buyer`s and seller`s side, and it`s important to understand all the contingencies included in your purchase agreement Although many parts of your contract are quite simple, e.B what price you`ll pay and when the conclusion will take place, other parts of the purchase agreement can be a bit confusing. especially for first-time home buyers. Make sure you understand the entire purchase agreement before you sign it. A real estate purchase agreement is an essential part of the home buying process. an approved agreement from the Association of Real Estate Agents) or a tailor-made document, the contract must contain the following “contingencies” or protective measures to protect the interests of each party to the transaction: The contract of purchase and sale (also known as the contract of sale of real estate) sets out the conditions of the sale as well as the conditions that must be met for the sale to be carried out. It is a binding legal document that specifies the final price of the house and the terms of the purchase, as negotiated between the buyer or sellers. Most states rely on a standard form, but some states require lawyers to draft the document. The document also contains a list of contingencies that, if not completed, will invalidate the agreement. Unless otherwise agreed by the parties, the purchase contract is concluded if all the conditions mentioned are not fulfilled by an agreed date (the “long-term shutdown date”). It is therefore crucial that the SPA BSM determines how to determine when the conditions precedent are met and when they can no longer be met. It should also be indicated which of the parties is responsible for compliance with a particular condition precedent. .