Know the property
Every house, whether a new build or a period home, should have an inspection before being sold. You should also include a contingency in your contract to ensure that you are covered in the event of any unpleasant or costly discoveries.
An inspector will examine everything from the roof to the foundation. Specialist inspectors can be called in to look for any pests, such as termites, or to go over the heating and ventilation systems. Even brand new homes should be thoroughly inspected.
If the inspections reveal any issues, you will need to decide whether to pull out of the deal or proceed. Inspection contingencies are often quite vague and allow the buyer some room to withdraw from the deal and have the full amount of their earnest deposit returned.
Written loan approval and appraisal contingency
You will need written proof of your loan approval, and you will want to make sure the property is not appraised for less than the price you agreed with the seller.
You should include a contingency clause that allows you, the buyer, to receive written confirmation of loan approval before progressing with the