Here’s a few contingencies your home offer should includeJuly 26, 2014 at 8:20 pm
Getting the most for your money is one of the primary focuses of buying a home with islamic mortgage loans. Even though you’re purchasing with islamic home loans, it’s important that you understand the contingencies that get put into any document presale.
One of the more common items has to do with an appraisal of the house. No one should buy a property without first knowing its full value and that means you need to have a professional appraisal by an expert who is well-versed in ascertaining how much the property is actually worth on the open market.
You need to keep in mind there are contingencies for the sellers as well as the buyers. It’s important to make sure that you have been preapproved and have the ability to pay back the mortgage money because some of these contingencies protect the seller. Defaulting on the deal means the seller can take legal action against anyone who tries to back out of a real estate deal based on their inability to get the money together.
Like islamic home loans these contingencies are designed to protect everyone legally.