Good news: Homebuyers just got a new safety net

In the last quarter, 53% of real estate agents reported an increase in buyers implementing an “employment contingency” in their contract.

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What’s an Employment Contingency?

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Incorporating a Safety Net

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What To Know

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If you’re looking to buy a home even in this tough market, don’t be afraid to prioritize security. After all, any good property has at least a few escape routes.

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

[{"selector":"#anim-62c36ddf-fee7-4a94-aa96-ba8aa0370de7","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-647dd481-da58-4ec3-8f4a-7ebe044d692d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-df9b8216-4ebb-4e86-a52f-f046c5707426","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dac6b76d-ba02-476a-af38-463be1a84ad6","keyframes":{"transform":["translate3d(0px, 99.16371%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Watch out, entrepreneurs! Don’t overlook these expenses 6 ways to save for retirement during the prime of your career

Good news: Homebuyers just got a new safety net

In the last quarter, 53% of real estate agents reported an increase in buyers implementing an “employment contingency” in their contract.

What’s an Employment Contingency?

This is a protective clause that allows homebuyers to back out of a deal with minimal penalties if they lose their job prior to closing.

Incorporating a Safety Net

Various contingency clauses exist in real estate and allow either the buyer or the seller to back out of a deal if certain conditions are not met.

What To Know

Employment contingencies aren’t just reserved for people making a quarter million per year. Anyone buying a home or property can include one.

If you’re looking to buy a home even in this tough market, don’t be afraid to prioritize security. After all, any good property has at least a few escape routes.

What To Know

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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