This form is a contract for a lease and a manadatory purchase of real estate. Seller demises and leases to purchaser and purchaser takes and rents from seller certain real property described in the form. Purchaser agrees not to use or permit the use of the property for an illegal purpose. An auction, fire or going out of business or bankruptcy sale, may not be conducted in the property without prior written consent of the seller.
Real Estate Contract Clauses Examples In Wake
State:
Multi-State
County:
Wake
Control #:
US-00120
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
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.
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.
Here's an example: Let's say a buyer puts down an offer for $160,000 on a home and another buyer comes along a week later and offers $190,000 instead. If a 72-hour clause has been written into the contract, the original buyer now has 72 hours to make a better offer than $190,000.
Escalation Clauses: what has been your experience the last year? For example with a house going for $300K, you may add an escalation clause to your $325K offer saying you'll offer $10K more than any other higher offer up to a max of $355K.
1 Use plain language. 2 Define key terms. 3 Structure your clauses logically. 4 Be specific and precise. 5 Use examples and scenarios. 6 Review and revise your clauses. 7 Here's what else to consider.
An example standard clause for specifying the jurisdiction which the parties agree disputes will be heard is: The parties submit to the non-exclusive/exclusive jurisdiction of the courts of and any courts that may hear appeals from those courts in respect of any proceedings in connection with this contract.