The CAR purchase agreement has contingencies which are circumstances and or events that have to happen. If not met a buyer or seller can cancel the purchase agreement.
The main contingencies for buyers are; INVESTIGATIONS, APPRAISAL AND LOAN. During this time if the buyer chooses to keep all contingencies as part of the agreement they will have to removed per the deadlines outlined in the agreement. The contingencies allow for a buyer and seller to cancel an agreement upon them both agreeing. The contingencies are part of the CAR RPA ( residential purchase agreement) but can be removed or deadlines shortened.