What each contingency protects you from — and which ones to include, shorten, or waive in the Northern Virginia 55+ market.
Protects your earnest money deposit if your loan falls through for a reason beyond your control — appraisal issues, lender denial, or HOA project review failure. In a 55+ community condo or carriage home purchase, lender HOA review can occasionally flag financial issues. Always include. The window is typically 21–30 days and can be shortened to strengthen the offer if you have a strong pre-approval.
Gives you the right to have the home professionally inspected and request repairs or credits for material defects. In 15–25 year old homes, this contingency is not optional — HVAC, roof, and moisture issues are real risks. The inspection window is typically 10 days. Shortening to 7 days is reasonable in a competitive market; waiving it entirely is not recommended for homes of this age.
The Virginia Property Owners Association Act gives buyers the right to terminate a contract within 3 days of receiving the full HOA document package — the association disclosure packet, financial statements, reserve study, and CC&Rs. This contingency is automatic under Virginia law, but understanding how to use it is important. If the reserve fund review reveals significant shortfalls or pending special assessments, this is your exit. Our team reviews HOA documents on every transaction and flags issues before the 3-day window expires.
Makes your purchase contingent on selling your current home first. Weakens your offer significantly in a competitive market — sellers generally prefer non-contingent buyers. The alternatives (bridge loan, rent-back on current sale, extended settlement on current home) are usually better strategies than a home sale contingency in a fast-moving market. Include only if no alternative timing strategy is workable.
Protects you if the home appraises below the contract price — typically allowing you to renegotiate or exit without losing earnest money. In a competitive market with strong comps, appraisals usually hit value. In a multiple-offer situation, some buyers waive or cap the appraisal contingency. This is a situation-specific decision that depends on current market velocity, the specific home, and your financial flexibility to cover an appraisal gap.
Virginia's POA Act gives buyers 3 days to review the HOA disclosure packet after receiving it. This is not optional and sellers cannot waive it unilaterally. For buyers new to 55+ community purchases, this contingency is your most important protection — the reserve fund health, pending special assessments, and community financial stability are all disclosed in this package. Never allow this window to pass without a thorough review. Our team reviews these documents on every transaction he handles.
Nova55Living structures contingencies correctly on every offer — protecting buyers without making the offer unnecessarily weak. Call before you write.
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