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Q » What is a contingency and which ones should I include when buying a co-op apartment?
29 Oct, 2025
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A » A contingency is a contract clause that allows withdrawal if certain conditions are unmet. When buying a co-op apartment, consider including contingencies for board approval, financing, inspection, and appraisal. Board approval ensures acceptance by the co-op's governing body, while financing depends on securing a mortgage. An inspection verifies the property's condition, and an appraisal ensures its value aligns with the purchase price. These protect your investment and provide exit options.
30 Oct, 2025
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