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A standard real estate contract typically comes with a number of contingencies — these are the conditions that must be met in order for you to move forward with a home purchase. This includes a ...
Privately, real estate agents call them "weasel clauses" because they allow buyers to cancel a contract without paying a penalty and with a refund of their earnest money deposit.
Contingencies could also be made on the satisfactory repair of a certain item associated with the real estate. Another sale contingency – Purchase or sale of the real estate is contingent on a successful sale or purchase of another piece of real estate. The successful sale of another house may be needed to finance the purchase of a new one.
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 ...
Common real estate contingencies can hinge on financing, appraisal, home inspection and more. • It’s not unusual for sellers to make a counteroffer. You can respond if you wish to keep ...
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
A remainder is contingent if one or more of the following is true: (1) it is conveyed to an unascertained or unborn person, (2) it is made contingent on anything but the natural termination of the preceding estate. [5] For example, if we assume that C is alive, and A conveys "to B for life, then to the heirs of C ...", then the remainder is ...
For example, one offer could have a higher price but include contingencies or concessions that you’re uncomfortable with. Your real estate agent can help you compare offers and choose the best one.