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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 seller to continue to market the property. The 72 hour clause is usually written into sales contracts by the seller, this allows a seller to keep the home on the market and accept backup offers ...
A financing contingency might need to be met within 30 days to get final loan approval. If you’re not sure about something or you need more time to complete a contingent task, ask your real ...
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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 ...
As a general rule, all offers are revocable at any time prior to acceptance, even those offers that purport to be irrevocable on their face. In the United States , an exception is the merchant firm offer rule set out in Uniform Commercial Code - § 2-205, which states that an offer is firm and irrevocable if it is an offer to buy or sell goods ...
Many lenders only offer bridge loans if you agree to work with them on financing your next home purchase. If you’re moving between homes — especially on short notice — a bridge loan can help ...
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Side letters may also be used in relation to private fund contracts, for example a particular investor may wish to vary the terms of a limited partnership agreement with respect to that particular investor. An investor might be seeking more favourable terms under the contract or might need the side letter to enter the venture under terms to ...
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