What are contingencies?Contingencies are procedural steps taken when drafting the contract that are intended to protect both the buyer and seller of a home. When purchasing a home, buyers face several risks. Buying a home doesn't come with a return period if you're not happy with the product, so to speak. These are not online purchases. Once you've committed and signed the final papers, you're stuck with the house whether you like it or not. Contingencies work for you, ensuring that you are safe from many problems, such as financing failures, and they work for both the buyer and seller. How do contingencies work? A home purchase contract takes weeks or even months to perfect and achieve. a final version. Contingencies are added to the contract during these weeks and they are often renegotiated or modified. This period of back-and-forth negotiation is called “escrow.” During escrow, both parties work to accommodate unforeseen events or have them completed and removed from the contract. You must keep the other member(s) or contract informed of any progress made, such as...