As you can see, there can be a contingency for anything that matters to you, the buyer. Don’t be afraid to request information that you need.
Additional time if the title isn’t free and clear
Seller to provide all surveys in existence and when it is to be completed by
Zoning, time to get zoning changes approved with the city
Verify parcel id number
Verify legal description
Environmental Testing completed by a specific date for a phase one
If the phase one isn’t acceptable, then make sure there is time to complete a phase 2
An extension to the time table if a phase 2 is required due to possible contamination
Copies of operating expenses for the last three years, due on a specific date
Copies of all leases, due on a specific date
Estoppels sent to all tenants and due on a specific date
For condos, any rules or bylaws along with a due date
Seller to notify buyer of any right or easements on the property
Review of right away to make sure you can build on the property if it doesn’t have any buildings on it
Determination of who is responsible for preparing the purchase agreement and how may days the lawyers have to get this done
Identify how notices can be made, via us mail, overnight, etc.
If the property is on a lake, are there any extra requirements on the use of the property?
As you can see, this is a long list, yet there may be more items that are important to your transaction that should be addressed.