What is an example of a clause in real estate?

Eg. Conditional upon Buyer getting Financing (mortgage approval) or Conditional upon Inspection of the property by a home Inspector. If there is a Condition on Financing & Inspection (for example) for 5 days, it means the Seller has agreed to accept the Buyer's offer and can't accept any other offers.

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Contract for the Lease and Mandatory Purchase of Real Estate -...

Real Estate Contract Clauses Examples In Bronx

Q: What is an example of the As Is clause in a real estate contract?

Example1: The Buyer acknowledges that the property is being sold &#039;as is&#039; with all faults and defects, whether known or unknown, presently existing or that may hereafter arise. The Seller makes no warranties or representations of any kind regarding the condition of the property.

Q: What is an example of as-is disclaimer?

As Is disclaimer example: Other than as provided in this agreement, Developer makes no other warranties, express or implied, and hereby disclaims all implied warranties, including any warranty of merchantability and warranty of fitness for a particular purpose.

Q: What is an example of an as-is clause?

The Seller is selling this property in As Is condition. Buyer acknowledges and agrees that Buyer is accepting the Property As Is without any warranties, representations or guarantees, either expressed or implied, of any kind, nature or type whatsoever from or on behalf of the Seller.

Q: What is an example of an as-is statement?

Here&#039;s an example in real estate: &quot;The seller is selling the property &quot;as-is&quot; condition, with any and all existing faults. The buyer accepts that they are purchasing the property in its current condition with no expressed or implied guarantees or warranties regarding the property&#039;s suitability or condition&quot;.

Q: What are examples of the contract clause?

Sample wording: Neither party may assign this agreement or any rights or obligations herein without the prior written consent of the other party. Cancellation clauses: These allow either party to terminate the contract under specific conditions, often requiring advance notice.

Category:

Landlord Tenant - Residential Leases - Purchase Options

State:

Multi-State

County:

Bronx

Control #:

US-00120

Format:

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Description

The 'Contract for the Lease and Mandatory Purchase of Real Estate' serves as a critical legal document outlining the terms between a Seller and Purchaser regarding leasing and purchasing real property in the Bronx. Key clauses in the agreement include details about the leased property, lease term, rent, utilities, and responsibilities for property maintenance. The form clearly stipulates the rights and obligations of both parties, including conditions regarding alterations, nuisance regulations, and entry for inspections. Additionally, it addresses mandatory purchase conditions, earnest money, and proration of taxes at closing. For the target audience—attorneys, partners, owners, associates, paralegals, and legal assistants—this document is invaluable in facilitating straightforward real estate transactions. Users should fill in property details, payment amounts, and specific dates, ensuring compliance with both federal and state regulations, especially regarding lead-based paint disclosure for homes built before 1978. The form promotes legal clarity and aids in protecting both parties' interests, making it essential for any real estate business in the Bronx.

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FAQ

Example1: “The Buyer acknowledges that the property is being sold 'as is' with all faults and defects, whether known or unknown, presently existing or that may hereafter arise. The Seller makes no warranties or representations of any kind regarding the condition of the property.”

“As Is” disclaimer example: Other than as provided in this agreement, Developer makes no other warranties, express or implied, and hereby disclaims all implied warranties, including any warranty of merchantability and warranty of fitness for a particular purpose.

Eg. Conditional upon Buyer getting Financing (mortgage approval) or Conditional upon Inspection of the property by a home Inspector. If there is a Condition on Financing & Inspection (for example) for 5 days, it means the Seller has agreed to accept the Buyer's offer and can't accept any other offers.

The Seller is selling this property in “As Is” condition. Buyer acknowledges and agrees that Buyer is accepting the Property “As Is” without any warranties, representations or guarantees, either expressed or implied, of any kind, nature or type whatsoever from or on behalf of the Seller.

Writing your own contracts is perfectly possible, and legal. But it's also an incredibly bad idea. There's two reasons for this: Property law is complicated. Because it's such a fundamental part of legislation, it's often lots and lots of different laws layered on top of each other.

Here's an example in real estate: "The seller is selling the property "as-is" condition, with any and all existing faults. The buyer accepts that they are purchasing the property in its current condition with no expressed or implied guarantees or warranties regarding the property's suitability or condition".

Sample wording: “Neither party may assign this agreement or any rights or obligations herein without the prior written consent of the other party.” Cancellation clauses: These allow either party to terminate the contract under specific conditions, often requiring advance notice.

In real estate contracts, there are contract clauses that outline the terms of the agreement and responsibilities of each party. The contract clauses address all aspects of the sale terms and are legally binding once both parties sign the document.