Most purchase agreements are contingent on several standard conditions that protect both buyers and sellers. The most common contingencies include a financing contingency, which allows the buyer to back out if they cannot obtain a mortgage loan at agreed-upon terms. An inspection contingency permits the buyer to have the property professionally inspected and renegotiate or withdraw if significant defects are discovered. An appraisal contingency protects the buyer if the property appraises for less than the purchase price, as most lenders won't finance above appraised value. A title contingency ensures the seller has clear ownership rights and can transfer the property free of liens or claims. Many agreements also include a homeowners' association (HOA) contingency allowing buyers to review HOA documents and fees, and a final walkthrough contingency enabling the buyer to verify the property's condition immediately before closing. In some markets, a sale contingency allows buyers to make their purchase contingent on selling their current home first. The specific contingencies included vary by location, property type, and negotiation between parties. Real estate agents and attorneys typically help draft these clauses to ensure both parties understand the conditions. While contingencies protect buyers, sellers often prefer fewer or shorter contingency periods to reduce uncertainty. The language and timeframes for satisfying contingencies are negotiable and should be clearly defined in the agreement to avoid disputes at closing.