Offer contingencies in a reservation document are clauses presented to the vendor with an offer with the intention to protect the buyer and their earnest money deposit in case of not being able to purchase the property as they originally intended, as it allow a buyer to dissolve a reservation document, if the contingencies included in the contract are not met.
These contingencies are normally negotiated before the signing of the reservation document and payment of a reservation deposit. These special clauses have to be agreed by the vendor and included in the reservation contract to be valid.
The most typical contingencies on a Costa del Sol property purchase are:
- Subject to obtaining a satisfactory mortgage by the purchaser. - Subject to property valuation. - Subject to the property being sold fully furnished. - Subject to satisfactory house inspection. - Subject to viewing (some buyers reserve a property prior to their visit to the Costa del Sol). - Subject to being able to extend the property or carry the reforms discussed during the visit.
Pro Tip:  A date maximum date for any contingency will be normally required by the vendor to be included the reservation contract.  If purchasing with a mortgage, we suggest presenting the documentation to any bank or financial advisor to obtain a mortgage offer prior to visiting properties.