When it comes to purchasing agreements, there are a number of different factors that can come into play. However, when it comes down to it, most purchase agreements are contingent on just two key items. These two items can have a significant impact on the success of the purchase, and it is important for both buyers and sellers to understand what they are and how they work.

So, what are these two key items?

1. Financing

The first item that most purchase agreements are contingent on is financing. This means that the buyer must secure financing in order to complete the purchase. This is especially important for larger purchases, such as real estate or vehicles, where the buyer may need to take out a loan in order to afford the purchase.

In some cases, the seller may have specific requirements for the type of financing that the buyer must secure. For example, they may require that the buyer only use a certain lender or that the interest rate remains below a certain threshold. These requirements can be negotiated during the purchase process, but ultimately it is up to the buyer to secure the necessary financing in order to complete the purchase.

2. Inspection

The second item that most purchase agreements are contingent on is inspection. This means that the buyer has the right to inspect the item being purchased in order to identify any issues or defects that may impact the value or safety of the item. This is especially important for real estate purchases, where the buyer may want to have the property inspected for things like mold, structural damage, or other issues.

If the inspection reveals any issues, the buyer may have the right to back out of the purchase or negotiate for repairs or a lower purchase price. However, if the inspection goes smoothly and there are no major issues identified, the purchase can move forward.

In conclusion, understanding the two key items that most purchase agreements are contingent on – financing and inspection – is essential for both buyers and sellers. By understanding these contingencies and negotiating any necessary terms upfront, both parties can ensure a smooth and successful transaction. As a professional, it is important to remember to use relevant keywords and phrases throughout the article, such as «purchase agreements» and «contingencies».