A contingency is the clause in your purchase contract that lets you renegotiate or walk away, with your deposit, if something specific goes wrong before closing. In Northern Virginia, five of them show up in almost every deal: inspection, appraisal, financing, the sale of your current home, and the association resale certificate.
Each one has a menu of choices and a clock. Pick the wrong track before you write the offer, or miss a 9 p.m. deadline by a day, and you can lose the protection you thought you had. This guide walks through the options on the standard NVAR forms that most Northern Virginia agents use, in the order they come up in a transaction. NVAR standard forms.
Virginia home buyer contingencies: The five at a glance
How contingencies work in a Northern Virginia contract
Every contingency in the NVAR forms follows the same pattern. You get a set number of days after ratification, ending at 9 p.m. on the last day. Inside that window you have a specific way to act: deliver a report, deliver a notice, deliver a letter from your lender. If you act in time and the seller will not agree, you can void the contract and your earnest money deposit comes back. If you do nothing, the contingency expires and the contract keeps going without it.
The number of days is almost never preprinted. It is a blank the parties negotiate, which is why two buyers offering on the same house can have very different protection. Shorter windows make an offer more attractive to a seller. Longer windows make it safer for you. That trade is most of what contingency strategy is.
Home inspection contingency
Choose your inspection track before you make the offer. It changes what you are allowed to ask for later.
| Your option | What it means |
|---|---|
| Negotiate repairs or voidMost common | You inspect, then deliver the full report plus a written list of the problems you want fixed or credited by the deadline. That opens a negotiation period. If you cannot agree by the end of it, you have a short election window to void and get your deposit back, or accept the house as it is. |
| Void only | You inspect, but you give up the right to ask for repairs or credits. Your only move is to deliver the report and a notice voiding the contract by the deadline. Otherwise you accept the house as is. Sellers like this track because it removes the second negotiation. |
| Informational only | You waive the contingency but still hire an inspector for your own knowledge. There is no contract protection here. If the report finds a deal-breaker, your exits are whatever other contingencies you still have. |
On the NVAR addendum, missing the inspection deadline has one result: the contingency expires and the contract remains in full force with no inspection protection. The report must go to the seller in full, not a summary.
Appraisal contingency
What happens when the lender’s appraiser says the house is worth less than you agreed to pay.
| Your option | What it means |
|---|---|
| Request a price reduction | You deliver the appraisal and propose a new price, which cannot be lower than the appraised value. That starts a negotiation period. If you and the seller cannot agree, you can void and recover your deposit. |
| Cover the gap yourself | You proceed at the contract price and bring the difference between the appraised value and the price to closing in cash. Lenders base the loan on the appraised value, so the shortfall is yours. |
| Write an appraisal gap clause | A pre-agreed promise in your offer to cover a shortfall up to a stated amount, say $10,000. It makes your offer stronger in a bidding war and caps your exposure. Above the cap, the normal appraisal options apply. |
| Void the contract | If the seller will not move on price and you did not agree to cover the gap, you deliver notice and walk away with your deposit, as long as you do it inside the deadline. |
The NVAR conventional addendum prints one recommendation: give yourself at least 21 days for the appraisal deadline. If neither box is checked, the contract is contingent on appraisal by default and the appraisal deadline becomes the financing deadline. VA loans are different. The VA Notice of Value language protects the buyer automatically, and the form says not to add a separate appraisal contingency.
Financing contingency
Protects you while your lender underwrites the loan. It has two versions, and which one you sign matters.
| Your option | What it means |
|---|---|
| Apply on time | The contract requires a written loan application within seven days of ratification. The contingency covers the specific financing written into the addendum. Switch loan type, down payment or program without the seller’s written consent and you lose the protection. |
| Void with a rejection letter | If the lender denies you, deliver a notice voiding the contract together with the lender’s written rejection before the contingency is satisfied or removed. Your deposit comes back. |
| Automatic extension version | If you have not delivered a commitment by the financing deadline, the contingency keeps running toward settlement. But the seller can send a notice giving you three days to void. If you do not void within those three days, the contingency is removed and you are committed. |
| Automatic expiration version | The contingency simply ends at the deadline. After that, a loan denial no longer gets your deposit back. |
The financing deadline itself is a blank. Three weeks is a common ask in Northern Virginia, but the only number that matters is the one in your contract. Talk to your lender before you agree to it.
Home sale and settlement contingency
Use it only when you genuinely need to sell your current home to buy this one. Sellers see it as the weakest offer on the table.
| Your option | What it means |
|---|---|
| Contingent on sale and settlement | Your current home must go under contract and then actually close before you close on the new one. You satisfy the contingency by delivering a ratified contract on your home with its contingencies removed, or remove it with a lender letter saying your loan does not depend on the sale. |
| Contingent on settlement only | Your home is already under contract. This version only protects you if that buyer falls through at the last minute. Both contracts are timed so the settlements can coincide, and the form limits how far your closing can slide. |
| Kick-out clauseSeller’s right | The seller keeps marketing the house and can accept a backup offer. If they do, they send you notice and you have the agreed number of days, often two or three, to drop the sale contingency or let the contract void. To drop it you need proof you can close without the sale. |
If the contract on your current home falls apart at any point, you have to tell the seller right away, and either side can then void the deal.
HOA and condo resale certificate
This one comes from Virginia law, not the contract, so it exists whether or not you asked for it.
| Your option | What it means |
|---|---|
| Review and accept | The seller must deliver the association’s resale certificate: rules, budget, reserves, assessments and any pending special assessments or litigation. Read it, and if the finances and rules look fine, do nothing and the window closes. |
| Negotiate a credit | If the packet shows a special assessment coming that you would inherit, ask the seller for a credit or a price adjustment before your window runs out. |
| Cancel the contract | Deliver written cancellation within the window and you walk away without penalty. State law says the seller must return your deposit promptly. |
Under Virginia’s Resale Disclosure Act, the contract can set the length of the window. If it does not, you have three days from ratification when the certificate arrived first, or three days from receiving it when it arrives later. If the certificate is never delivered, you can cancel any time before settlement. You carry the burden of proving you delivered the notice, so send it the way the contract requires. Virginia Code § 55.1-2312.
Quick checklist
- Inspection: choose your track before you submit the offer.
- Appraisal: decide now whether you would cover a gap, and how much.
- Financing: apply within seven days and know which version you signed.
- Home sale: use it only if you actually need to sell first.
- Resale certificate: read it the day it arrives. Three days goes fast.
- Every deadline: 9 p.m. on the day written in. Calendar them at ratification.
Most contingencies exist to protect you inside a specific window. Act before the deadline, in writing, the way the contract says, and you can usually walk away without losing your deposit. Miss it and the same clause protects the seller instead.
Want this on one page? Download the DC Spot buyer contingencies cheat sheet and keep it with your offer paperwork.
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Which contingencies to keep, which to shorten and which to waive depends on the house, the competition and your finances that week. That is the conversation to have before you write, not after. Talk real estate with Alex, a Northern Virginia Realtor with the Fox Homes Team at Samson Properties, or read the latest DC Spot real estate coverage.
This article explains how standard Northern Virginia purchase forms work in general terms. It is not legal advice. Forms are revised regularly and every deadline is negotiated, so the terms in your own ratified contract control.
Frequently asked questions about Virginia home buyer contingencies
Can I waive the home inspection contingency in Virginia?
You can. Many buyers in competitive situations either waive it or choose the void-only track. If you waive it, you can still hire an inspector for information, but the report gives you no contract right to ask for repairs or to walk away.
How many days do I have for each contingency?
Almost every deadline on the NVAR forms is a blank the parties negotiate, ending at 9 p.m. on the last day. The one preprinted recommendation is at least 21 days for the appraisal deadline. The association resale certificate window defaults to three days under state law if the contract does not set one.
What is an appraisal gap clause?
A promise written into your offer to pay the difference between the appraised value and the contract price, up to a stated cap. It reassures the seller in a bidding war and limits how much extra cash you could owe at closing.
What happens if my loan is denied after the financing deadline?
It depends on which version you signed. With the automatic extension version, the contingency continues toward settlement unless the seller sends a three-day notice and you fail to void in time. With the automatic expiration version, the protection ends at the deadline and a later denial does not return your deposit.
Can the seller cancel if my current home has not sold?
If your contract includes a home sale contingency with a kick-out, the seller can keep marketing, accept a backup offer, and give you notice. You then have the agreed number of days to remove the contingency with proof you can close anyway, or the contract voids.
Can the HOA cancellation right be waived?
It is created by Virginia’s Resale Disclosure Act rather than by the contract. The contract can set how long the window is, and three days is the default, but you cannot be denied the right to cancel after receiving the resale certificate. If the certificate is never delivered, you can cancel any time before settlement.
Do these rules apply in Washington DC and Maryland?
No. This guide covers Virginia contracts on NVAR forms. DC and Maryland use different regional contracts and different disclosure laws.
Cover graphic by DC Spot. This article is general education about Virginia purchase contracts, not legal advice; the deadlines in your own contract control.
Last updated September 2, 2026. Contingency mechanics were checked against the Northern Virginia Association of Realtors (NVAR) Home Inspection and Radon Testing Contingency Addendum (K1342), Conventional Financing and Appraisal Contingency Addendum (K1359), VA Financing Contingency Addendum (K1339, January 2026 edition) and Contingencies/Clauses Addendum (K1344). The association cancellation right was checked against Virginia Code § 55.1-2312 of the Resale Disclosure Act. NVAR revises its forms regularly, and every deadline below is a blank the parties fill in unless noted.
