If you are buying your first home, you may be excited to put in an offer on a home you have fallen in love with. However, due to your excitement and inexperience, you may not put in certain contingencies that are important. Most first time home buyers ask for home inspection and financing contingencies. But there are a few lesser known ones to consider including in your offer. Here are three contingencies first time home buyers should not overlook when buying real estate.

An Insurance Contingency

When you go to purchase your first home, you may think that obtaining home insurance will be simple. However, many buyers are finding that in some areas, obtaining home insurance can be difficult, if not impossible. If the home is situated in an area that is prone to natural disasters, such as earthquakes or hurricanes, or the homes in the area are being hit hard by mold, insurance companies may refuse to insure the home. An insurance contingency allows you to walk away from the home if you find that it is impossible to obtain insurance on it before the purchase is complete.

A Title Contingency

When you make an offer on a home, you are assuming that the person selling it actually owns it. Unfortunately, in recent years, there have been scams popping up where renters, family members or other unauthorized parties are listing homes for sale that they don't own. Putting a title contingency in your offer allows you to walk away without losing any money if the seller cannot prove that they have a valid and legal title to the home by the date the home closes. Additionally, a title contingency allows you to walk away if the title shows that there are liens against the property or that it is not a clear title.

Fixture, Appliance and Furniture Contingency

The last contingency you may wish to include as you make an offer on your first home is a contingency related to fixtures, appliances and furniture that are currently in the home that you may wish to keep. It is not uncommon for a real estate agent to tell potential buyers that the home comes with fixtures or appliances. However, unless this is stated in the contract, there is little you can do if the buyers move the furniture, fixtures or appliances out of the home. Having this contingency in place ensures you are getting everything in the home that you think you are when the purchase is complete.

A contingency helps to protect you when you make an offer on a home. They allow you to walk away from the purchase if a term or condition isn't met. If you are going to buy real estate for the first time, you will want to carefully consider what contingencies to include in your offer, in order to best protect yourself.