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- A contingency is an event or condition that must occur before the deal can close. Typically, a buyer will reserve the right to recover her earnest money if the contingency is not satisfied.
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Nov 13, 2023 · A contingency might be the buyer selling their current house, requiring certain repairs to be made, or obtaining a clean termite inspection. It might feel stressful, but handling contingencies well is actually a time when you, as the agent, can really shine. Sure, deals can fall apart.
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Apr 11, 2024 · Contingencies are optional clauses in a real estate contract that state something must happen before closing — essentially, deal breakers. If the contingency isn't met, the buyer can walk away with their deposit.
- Contingencies are optional clauses, but they can provide a necessary layer of protection for both buyers and sellers. Some, like the home inspectio...
- Most home buyers may want to protect their investments by including one of these contingencies in their offers: inspection, financing or appraisal,...
- You can make an offer on a home listed as contingent, but unless the seller has a kick-out clause in their current purchase agreement, they may not...
What does contingent mean in real estate? When a property is marked as contingent, an offer has been accepted by the seller. Contingent deals are still active listings because they are liable to fall out of contract if requested provisions are not met.
noun. co· gen· cy ˈkō-jən (t)-sē. Synonyms of cogency. : the quality or state of being cogent. Synonyms. authority. conclusiveness. convincingness. effectiveness. forcefulness. persuasion. persuasiveness. suasiveness. See all Synonyms & Antonyms in Thesaurus. Examples of cogency in a Sentence.
Feb 1, 2024 · In real estate transactions, consideration is a cornerstone concept that denotes the value exchanged between parties to form a legally binding contract. It is essentially what each party promises to the other to seal the agreement.
Apr 17, 2022 · What is a real estate contingency? A real estate contingency is a part of the purchase and sale contract that details specific, measurable conditions that must be met by a preset deadline to successfully advance the deal. If the conditions are not met, the buyer can choose to terminate the contract. Real estate contingencies come in a couple ...
Aug 7, 2023 · Encumbrance refers to any legal claim, restriction, or liability that affects the ownership or use of a property. It is a broad term that encompasses various rights and interests that can limit the property's title and impede its transfer or free enjoyment.
