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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 ...
Real estate contingency. A clause in a purchase agreement that gives buyers and sellers the right to cancel a contract if certain terms aren’t met. For example, a mortgage contingency requires ...
But real estate transactions are often a little messy, and the timing isn’t guaranteed to line up perfectly. ... A sale contingency is a contractual clause stating that the purchase of your new ...
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.
If prepared by a real estate agent on behalf of the buyer, it is generally done on pre-printed and legally-approved forms provided by the real estate broker's office. An agent representing the buyer will advise his/her client as to the value of including specific contingency clauses such as time to obtain a mortgage commitment or to arrange for ...
Continue reading → The post What Is a Mortgage Contingency? appeared first on SmartAsset Blog. Whether you're buying or selling a home, getting the home under contract is just the start of the ...
ROFR: Abe owns a house and Bo offers to buy that house for $1 million. However, Carl holds a right of first refusal to purchase the house. Therefore, before Abe can sell the house to Bo, he must first offer it to Carl for the $1 million that Bo is willing to buy it for.
The seller, often in concurrence with the real estate agent, may choose to accept an offer that is lower than the highest offer for various reasons, such as terms or contingencies in the purchase contract offered or perceived differences in financial qualification of the competing buyers.