What condition allows a buyer to proceed with a purchase contract without completing certain verifications?

The condition that allows a buyer to proceed with a purchase contract without completing certain verifications is referred to as "waived." When contingencies are waived, it means that the buyer is choosing to forgo additional checks or conditions that could affect the purchase. This might include things like home inspections, financing approval, or other usual due diligence that a buyer might normally conduct. By waiving these contingencies, the buyer is indicating confidence in the transaction, often in competitive markets, to make their offer more appealing to sellers.

In contrast, when contingencies are not waived, extended, or revised, the buyer retains their rights to verify conditions or address concerns before finalizing the purchase. Waiving is a strategic decision that can have implications for the buyer's protection and the overall transaction process. Understanding this concept is critical for navigating real estate agreements effectively.