Including contingencies in your contract can help protect you, your finances and your family when buying a home.

Here are some important ones to consider:

  • Home inspection contingency, which allows you to have the home inspected
  • Appraisal contingency, which protects you from owing extra money should your lender’s appraisal come in low
  • Financing contingency, which allows you to back out if your mortgage loan doesn’t come through
  • Sale contingency, which says your purchase is only valid if you’re able to sell your existing home first

Make sure to talk through possible contingencies with your agent before making an offer. The most appropriate ones vary from buyer to buyer.