Contingencies: what you can walk away from

Contingencies are conditions in your purchase contract, each with a deadline. For example, if your contract is contingent on a satisfactory inspection, you can cancel without penalty when you're not satisfied with it. Waiving one gives up that protection. Rule¹

• Earnest money: how much and when it's due.
• Inspection, appraisal and loan contingencies: keep them, or know the risk.
• A closing date your lender can meet, and what stays with the home. Rule²

Inspection. Your right to renegotiate or cancel over the inspection ends at a deadline. Rule^{3,4,5,6,7,8,9}

Appraisal. The loan shrinks to the appraised value, so you'd cover the gap, renegotiate or cancel if your contract allows. Rule¹⁰

Loan. Your financing contingency protects your deposit only until its deadline; after that the risk is yours. Rule^{4,3,5,6,7,11,12}

• Check the date with your lender every week.
• If approval is running late, ask your agent about a written extension before the deadline.
• If you walk away, send written notice before the deadline. Rule^{4,3,5,6,7,11,12,8,9}

• Texas: An option period (5–10 days is common) lets you end the contract for any reason; the option fee stays with the seller if you do.
• California: The standard contract gives 17-day investigation, loan and appraisal contingencies, which you remove in writing.
• Florida: The AS IS contract's inspection period is 15 days if left blank; the seller doesn't have to repair.
• North Carolina: Due diligence (a negotiated period) lets you end the contract for any reason; a due diligence fee goes to the seller.
• Georgia: Due diligence is a negotiated period during which you can end the contract in writing.
• Massachusetts: Since 2025-10-15 a seller can't require you to waive your inspection (760 CMR 74). Rule^3,5,6,8,13,9