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A 72-hour clause, typically inserted in real estate sale contracts, is also known as an escape clause, release clause, kick-out clause, hedge clause or right of first refusal clause. [ 1 ] The 72-hour clause is a seller contingency which allows the seller to accept a buyer's contingent offer to purchase his/her property, while allowing the ...
What does pending mean? When an offer on a home has been accepted and is now under contract, it’s listed as “pending.” In other words, Lingscheit shares, if a home is pending it has “an ...
Building contingencies into the contract: Most real estate contracts have contingencies that give sellers cause to back out. For instance, the seller may say they will only sell their property if ...
A contingent contract is an agreement that states which actions under certain conditions will result in specific outcomes. [1] Contingent contracts usually occur when negotiating parties fail to reach an agreement. The contract is characterized as "contingent" because the terms are not final and are based on certain events or conditions ...
A real estate contract typically does not convey or transfer ownership of real estate by itself. A different document called a deed is used to convey real estate. In a real estate contract, the type of deed to be used to convey the real estate may be specified, such as a warranty deed or a quitclaim deed. If a deed type is not specifically ...
Here are 15 real estate terms you need to know. Real Estate Agent Professional who represents the seller (listing agent) or buyer (buyer’s agent) in a real estate transaction.
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Last month, housing contract activity rose in all regions of the country except for the Northeast. The South saw the largest month-over-month increase, improving 5.2% from October and 8.5% from a ...