When you buy a condo or loft for sale in DTLA, your real estate agent will make sure you have all the right contingencies (conditions) built into your contract. These are the contingencies you can’t afford to waive.
Contingencies You Can’t Waive When You Buy a Condo or Loft in DTLA
The contingencies you can’t waive include:
- Home inspection
Home Inspection Contingency
Once your offer is accepted, you’ll hire a home inspector to make sure the condo or loft you’re buying is exactly as it seems to be. Sure, there will be minor issues – all homes, even brand-new ones, have them – but if you have this contingency in your purchase contract, you can back out if the issues the inspector discovers are deal-breakers for you.
Your lender will require you to pay for a home appraisal to see how much money the condo or loft is worth. The lender wants to see that it’s worth at least as much as you’re asking to borrow – but if the appraisal comes in low, this contingency saves you from being on the hook to buy anyway (even if the lender refuses to let you borrow the full amount).
Having a financing contingency means that if you can’t get financing to buy the loft or condo, you don’t have to buy it anyway. You’ll be able to walk away from the deal if you can’t get a mortgage loan.
Are You Buying a Loft or Condo for Sale in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
While you’re here, check out our:
- DTLA Arts District lofts for sale
- Historic Core lofts for sale
- DTLA Little Tokyo lofts for sale
- Bunker Hill lofts for sale
- City West lofts for sale
- South Park lofts for sale
- Fashion District lofts for sale
- Financial District lofts for sale