What Is A Feasibility Contingency?

Most real estate purchase and sale agreements involve the acquisition of residential real estate, often housing (apartment style units, townhomes, single family homes, etc.), for the purpose of serving as a primary residence for the buyer, or as an investment opportunity in the property's current form. In these circumstances, the buyers basically know what they are getting into in terms of the use of the property – they, or someone else, will inevitably live at the property. These buyers may need an inspection contingency to help them determine if the property has issues they need to address. My colleague, Aaron Dunn, posted an article about this topic here. They also may need other contingencies, such as a financing contingency, appraisal contingency, or title contingency.