You don’t normally think to waive home contingencies but a contract for the purchase of a home has many different
items and clauses in it. Some contingencies are so important you should never consider waiving. However, there are some that you can waive if necessary without too much risk.
The kick out clause
One contingency you can request that the seller waive is the kick out clause. A kick out clause is used by sellers to protect them against a house sale contingency. Usually, if a seller agrees to a house sale contingency, they will add a contingency that says they can continue to market and show the property. Not only that, if another buyer comes around that is qualified the seller can demand the buyer remove the home sale contingency or lose the home. If this clause is in a contract without a home sale contingency, or if there is one, ask that it be waived.
That leads us to the home sale contingency
Sometimes it’s not possible to sell first then buy and you will be in a situation where you find the home of your dreams while trying to sell your current home. In that case many people add a contingency that says the contract going forward is contingent on the sale of your current home. If the home doesn’t sell before settlement on the new home, the buyer can back out without legal consequences.
It’s a protective measure to keep you from having to be stuck with two homes, two mortgages, or from being sued for breach of contract when they backout. If you don’t have a home to sell, or if you have a home that you have no worries about completing a sales contract in place, agree to waive this contingency.
One contingency you can waive is a bit risky, but you can add a different one to cover your risk. The home inspection is a common contingency and a good protection for the buyer. You can waive it, but that can be very risky. However, if the homeowner has had an inspection done prior to listing you can ask to be able to look it over and for proof certain repairs were made.