When it comes to purchasing a residential property, the Residential Purchase Agreement (RPA) is an essential document that outlines the terms and conditions of the sale. This document includes several contingencies that protect both the buyer and the seller in case the deal falls through. However, there are some things that are not considered contingencies in the RPA. In this article, we`ll explore what those things are.

1. Home inspection repairs

Home inspection repairs are not considered contingencies in the RPA. The buyer can ask for repairs to be made based on the results of the home inspection, but it is up to the seller to agree to those repairs. If the seller refuses to make the repairs, the buyer can either accept the property as-is or back out of the deal.

2. Appraisal value

The appraisal value of the property is not considered a contingency in the RPA. The buyer can request an appraisal to be conducted to determine the value of the property, but the appraisal value does not dictate the purchase price. If the appraisal comes back lower than the purchase price, the buyer can attempt to renegotiate the price with the seller.

3. Market conditions

Market conditions, such as changes in interest rates or home values, are not considered contingencies in the RPA. The buyer and seller both assume some level of risk when entering into a real estate transaction, and market conditions are outside of their control.

4. Buyer`s financing

The buyer`s financing is not considered a contingency in the RPA. If the buyer is unable to secure financing for the purchase, the deal will fall through. It is up to the buyer to ensure they have the necessary funds to complete the transaction.

5. Personal property

Personal property, such as appliances or furniture, is not considered a contingency in the RPA unless it is explicitly stated in the contract. The buyer and seller can negotiate the purchase of personal property separately from the real estate transaction.

In conclusion, while the RPA includes several contingencies to protect both the buyer and the seller, there are some things that are not considered contingencies in the agreement. Home inspection repairs, appraisal value, market conditions, buyer`s financing, and personal property are not included as contingencies in the RPA. As always, it`s important to consult with a real estate professional to ensure you understand all aspects of a real estate transaction.