How do you write a contingency clause?

A contingency clause often states that your offer to buy property is contingent upon X,Y, & Z. For example, the contingency clause may state, The buyer's obligation to purchase the real property is contingent upon the property appraising for a price at or above the contract purchase price.

US Legal Forms
Commercial Property Sales Package
Pennsylvania Commercial Property Sales Package

Commercial Property Purchase Agreement With Contingency

Category:

Real Estate - Commercial

State:

Pennsylvania

Control #:

PA-P021-PKG

Format:

Instant download

Description

With this Commercial Property Sales Package, you will find many of the forms that are part of closing a commercial real estate transaction.

Included in your package are the following forms:

1. A Contract for the Sale and Purchase of a Commercial Lot or Land without a Broker;

2. A Option for the Sale and Purchase of a Commercial Building;

3. A Option for the Sale and Purchase of a Commercial Lot or Land;

4. An Addendum for Environmental Assessment of Threatened or Endangered Species or Wetlands;

5. An Addendum for Continued Marketing of Property by Seller due to Contingencies;

6. An Exchange Addendum to Contract for Tax Free Exchange under Section 1031;

7. A Tax Free Exchange Agreement pursuant to Section 1031; and

8. A Fixed Rate Promissory Note Secured by Commercial Real Estate.

Purchase this package and save up to 30% over purchasing the forms separately!

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How to fill out Commercial Property Purchase Agreement With Contingency?

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FAQ

This provision will state that the offer to purchase a property is contingent upon the buyer's ability to procure financing for the property. Often, this contingency will spell out the terms of the required financing to keep the buyer from getting locked into a deal even if financing only comes at unreasonable rates.

A contingency clause often states that your offer to buy property is contingent upon X,Y, & Z. For example, the contingency clause may state, The buyer's obligation to purchase the real property is contingent upon the property appraising for a price at or above the contract purchase price.

Most Purchase Agreements Are Contingent On Which Two Items? The inspection and financing contingencies are the two most important contingencies home buyers should care about most. No home buyer wants to close on a transaction only to find hidden defects three months down the line.

In short, purchase agreement contingencies are conditions or actions that must be met for a real estate contract to become binding. A contingency becomes part of a binding sale contract when both parties (the buyer and seller) agree to the terms and sign the contract.

Most purchase agreements are contingent upon a satisfactory home inspection and mortgage financing approval. There are other types of contingencies as well, in addition to the most common ones mentioned above. Buyers should use a "market-minded" approach when adding these items to their contracts.

Interesting Questions

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Buyer's Contingencies. Just like residential real estate contracts, commercial real estate contracts have their share of contingencies.Contingency contracts are conditional: The validity of a contingency contract depends entirely on if one of both parties complete certain tasks. If you have a contract question, please consult your Broker or a licensed Attorney.

Commercial Property Purchase Agreement With Contingency

Description

Related forms

Viewed forms

How to fill out Commercial Property Purchase Agreement With Contingency?

Form popularity

FAQ

What does contingent mean in commercial real estate?

How do you write a contingency clause?

What two items are most purchase agreements contingent on?

What is a contingent purchase agreement?

What 2 items are contingent on a purchase agreement?

Interesting Questions

What is a commercial property purchase agreement with contingency in Pennsylvania?

What are some common contingencies included in a commercial property purchase agreement?

Why are contingencies important in a commercial property purchase agreement?

Can contingencies be negotiated in a commercial property purchase agreement?

How does the inspection contingency work in a commercial property purchase agreement?

What happens if the financing contingency cannot be met?

Are there any specific zoning approvals required for a commercial property purchase in Pennsylvania?

What is an environmental assessment contingency?

Can a commercial property purchase agreement have multiple contingencies?

Can the seller refuse to accept contingencies in a commercial property purchase agreement?

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Commercial Property Purchase Agreement With Contingency

Description

Related forms

Related legal definitions

Viewed forms

How to fill out Commercial Property Purchase Agreement With Contingency?

Form popularity

FAQ

What does contingent mean in commercial real estate?

How do you write a contingency clause?

What two items are most purchase agreements contingent on?

What is a contingent purchase agreement?

What 2 items are contingent on a purchase agreement?