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What is a Contingency?

  In my last blog I discussed what Pending means in Real Estate and I stated:   Anytime I say Pending, it means the house is under contract. Either with a contingency or not, the house is more than likely going to another buyer. It's just a matter of time until it closes and the new homeowner will be moving in. So what is a contingency?  Well a contingency in a contract is anything that must be first met to allow the sale to continue in the manner in which the contract was written. Most contracts have standard contingencies to include a home inspection, a financial contingency and an appraisal contingency. Other contingencies could include a home sale.  Home Inspection Contingency: This contingency allows the buyer to preform a home inspection (all home inspectors in the state of Virginia must have a license) and the buyer has the opportunity to ask for repairs in order for the contract to move forward. Sellers at this time can a couple of things. Repair all items Repair some it

Residential Development Will Replace Spotswood Golf Course

Interesting news!


Colonial Williamsburg president Cliff Fleet has announced that the Spotswood par-3 golf course, part of the Golden Horseshoe Golf Club, will be developed into a residential neighborhood in close proximity to Merchants Square, the College of Williams & Mary and other downtown Williamsburg amenities. That will leave the Golden Horseshoe with two highly regarded 18-hole golf courses, the Green and the Gold.

In an email to Golden Horseshoe members, Fleet said the nine-hole Spotswood course "has been underutilized for many years,” and that its land would be redeveloped “into a high-quality, walkable” neighborhood that will sit adjacent the Williamsburg Inn and the Golden Horseshoe club.

No timeframe was announced for the project, which Fleet wrote is in the very early stages of planning. Fleet said Colonial Williamsburg believes “this initiative will significantly enhance Williamsburg as both a destination and a community.”

Thoughts?

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