You found a home you love in Brookline and you want your offer to stand out. At the same time, you do not want surprises after you sign. That is where contingencies come in. When you understand how they work here, you can write a strong offer that still protects your interests. This guide breaks down the four common contingencies, typical timelines in Massachusetts, and the trade-offs to consider so you can compete with confidence. Let’s dive in.
What a contingency is
A contingency is a condition in your Purchase and Sale Agreement that must be met for the sale to move forward. If the condition is not met in time, you may be able to renegotiate, extend, or cancel under the contract terms. In Massachusetts, standardized forms commonly include spaces for inspection, financing, appraisal, and condominium document review. Deadlines are critical. If you miss a deadline or do not give written notice when required, the contingency can be deemed waived under many forms.
Brookline context and why it matters
Brookline is a high-demand market with limited inventory relative to buyer interest. Multiple-offer scenarios are common, especially for well-priced homes and condos. Sellers here often prefer shorter timelines and fewer contingencies, while older housing stock and many converted buildings make careful inspections and condo document reviews important. Your goal is to balance offer strength with protection.
The four common contingencies
Inspection contingency: what it covers
An inspection contingency gives you the right to have the home inspected by a professional and respond to findings. You can accept the property, negotiate repairs or a credit, or cancel within the inspection period if your contract allows.
Inspection timing and options
In Massachusetts practice, inspection windows commonly range from about 5 to 14 calendar days, with 7 to 10 days as a typical middle ground. You usually must deliver written objections within that period. Sellers often have a short window to respond. If you cannot agree on a solution, many contracts allow you to terminate and receive your deposit back according to the P&S terms.
Make your inspection competitive
- Keep the inspection period short, such as 3 to 7 days, instead of waiving it.
- Limit the scope to major systems only, like roof, foundation, and mechanicals.
- Consider a pre-offer inspection if access is allowed. This is less common, but it can help you bid with more certainty.
- Ask for a capped credit instead of repairs to simplify closing.
Financing contingency: what it protects
A financing contingency protects you if you cannot get a mortgage commitment within a set time. You typically specify loan type, amount, and a deadline. Most forms require you to apply in good faith and provide updates.
Financing timing in practice
In Massachusetts and Brookline, mortgage commitment deadlines often fall in the 21 to 45 day range, depending on lender process and loan type. Sellers expect a recent pre-approval with your offer. A pre-approval shows your readiness but is not the same as a final commitment.
Make your financing competitive
- Offer a realistic commitment date that matches your lender’s timeline.
- Provide a strong pre-approval and be ready with documentation.
- Increase your deposit if you are comfortable with the risk profile.
- If you consider reducing or waiving this contingency, understand you could lose your deposit if financing fails.
Appraisal contingency: bridging a gap
An appraisal contingency helps if the property appraises below the contract price. You may be able to renegotiate, pay the difference in cash, or cancel per the contract. Lenders usually require a satisfactory appraisal to fund the loan.
Appraisal timing and strategy
Appraisals are usually ordered after loan application. Turnaround often takes 1 to 3 weeks, depending on availability. In a competitive Brookline market, appraisal gaps can occur. Some buyers offer limited “appraisal gap” coverage, agreeing to bring a set amount of cash if the appraisal is short.
Make your appraisal approach competitive
- Offer to cover a shortfall up to a defined dollar amount.
- Set clear language: you will pay up to $X above appraised value, and if the gap is larger, you may terminate.
- Cash buyers may waive the appraisal contingency, but many still order a valuation for peace of mind.
Condo document review: know the association
If you are buying a condo, a document review contingency lets you evaluate the master deed, bylaws, budget, financials, meeting minutes, insurance, and any litigation or assessments. Massachusetts condominium law governs how associations operate, and careful review can reveal important issues.
Condo timing and what to read first
Document review periods commonly run 7 to 10 business days, though 5 to 15 business days is seen in practice. Focus early on the current budget, reserves, recent meeting minutes, special assessments, insurance coverage, and any legal matters. In Brookline, older converted buildings can have complex documents and varying reserve levels, so allocate enough time to review.
Make your condo review competitive
- Request key documents with your offer to start early.
- Use a short but realistic review window, and allow for delivery timing.
- If documents are delayed, consider language that extends the review period upon receipt, while understanding it may affect offer strength.
Deadlines and deliverables matter
Contingency deadlines are unforgiving. The clock usually starts on the effective date when both parties sign. If you do not provide written objections, notices, or a mortgage commitment by the stated date, you may waive your rights under the contract language. Work closely with your agent, lender, and an experienced Massachusetts real estate attorney to track dates and deliverables.
Trade-offs: strength versus protection
- Fewer or shorter contingencies help in a multiple-offer situation.
- More protections reduce your risk but may weaken your offer.
- Aim for focused protections, clear timelines, and strong supporting terms, like flexible closing or a meaningful deposit you are comfortable with.
Checklist before you write
- Get a recent written pre-approval from a lender.
- Choose your inspection plan and timeline. If you are relocating, line up a local inspector quickly.
- Decide on appraisal strategy, including any gap coverage amount.
- For condos, request key documents early and map out a 7 to 10 business day review.
- Set an earnest money deposit that signals commitment without creating undue risk.
- Consult a Massachusetts real estate attorney on P&S language.
- Define what you will and will not waive before you bid.
Clause basics in plain English
- Inspection: You have X days to inspect and object in writing. The seller has Y days to respond. If you cannot agree, you may terminate and get your deposit back per the P&S.
- Financing: Your obligation to buy depends on getting a mortgage commitment for $X by date Y. You must apply in good faith and provide updates.
- Appraisal: If the appraisal is below the purchase price, you can pay the shortfall up to $X, renegotiate, or terminate.
- Condo docs: You have X business days from receipt of documents to object in writing to material issues. If you do not object, you are deemed to accept.
Negotiation tips that work in Brookline
- Keep essential protections but shorten timelines where you can.
- Offer flexibility on the closing date to help the seller plan their move.
- Use an escalation clause carefully with a clear cap and verification.
- Align contingency periods with realistic lender and inspector timing to avoid avoidable defaults.
Common mistakes to avoid
- Waiving inspection without understanding the risks in older buildings.
- Picking unrealistic mortgage commitment dates that your lender cannot hit.
- Forgetting to account for appraisal timing when you need a quick close.
- Waiting to request condo documents, then rushing the review.
- Missing notice deadlines. Set calendar reminders and confirm delivery in writing.
Final thoughts
In Brookline’s fast-paced market, smart contingency strategy is about precision. Short, realistic deadlines and targeted protections can help you compete while reducing risk. With the right plan, you can write a compelling offer and feel confident about what comes next.
If you are weighing your options or need help structuring the right terms for a specific property, connect with Debby Belt for tailored guidance.
FAQs
What is a contingency in a Massachusetts home offer?
- A contingency is a condition in the Purchase and Sale Agreement that allows you to renegotiate, extend, or cancel if a specified event does or does not occur by a deadline.
How long is the inspection period in Brookline offers?
- Inspection windows often range from about 5 to 14 calendar days in Massachusetts, with 7 to 10 days common in Brookline practice.
What does a financing contingency require from a buyer?
- You typically must apply in good faith, provide lender updates, and deliver a mortgage commitment by the agreed deadline or risk waiving protection.
How does an appraisal contingency work if the value comes in low?
- You may pay the shortfall up to a set amount, renegotiate the price, or cancel under the contract terms. Lenders usually require a satisfactory appraisal to fund.
What condo documents should I review before buying in Brookline?
- Review the master deed, bylaws, current budget, reserves, recent meeting minutes, insurance coverage, and any special assessments or litigation.
How can I make my offer competitive without waiving everything?
- Keep key protections but shorten timelines, provide a strong pre-approval, right-size your deposit, and offer closing flexibility where possible.
