Conditional Contract For Sale Of Land

State:
Multi-State
Control #:
US-02965BG
Format:
Word; 
Rich Text
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Description

The Conditional Contract for Sale of Land is a legal document that outlines an agreement between a buyer and a seller regarding the sale of goods, specifically land, under certain conditions. This contract includes essential details like the sale price, payment terms, and the obligations of both parties. Notably, the seller retains the title to the property until the buyer fulfills payment obligations, allowing for financial safety for the seller. The form specifies necessary components such as down payment, finance charges, and monthly payment amounts. It also includes clauses regarding insurance requirements and the consequences of default, which can lead to reclaiming of the property by the seller. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in property transactions, as it provides a clear structure for ensuring compliance with applicable laws and protecting the interests of both parties. Users will find clear instructions for filling out the form, making it accessible for individuals with varying legal expertise.
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FAQ

A type of conditional contract is an option agreement. The option is given to a party to buy a particular property within a particular amount of time. If a party does not ?call? on the other party to sell them the property or buy the property at the set price within the option period, it lapses.

A conditional contract, also called a hypothetical contract, is a binding legal document that includes a clause stipulating the prior performance of another agreement before it can be enforceable.

The consumer may pay a deposit to the retailer for the item?say a television set?and agree to a certain number of payments under the deal. Until the set is paid off in full, the retailer has the ability to take it back if the customer defaults on payments.

What to Include for a Conditional Contract Concerning a Mortgage: The name of the lender. The amount of the advance. The time limit by which application must be determined. Should the buyer be entitled to withdraw from the contract if the mortgage offer is subject to certain conditions or a retention is to be made.

Broadly, a conditional contract is a contract that is subject to one or more conditions in the contract of sale. If a condition in the contract is not met, then either one or both of the buyer or seller will be able to terminate the contract.

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Conditional Contract For Sale Of Land