Release Real Estate Form With Contingency
Description
How to fill out Terminating Or Termination Of Easement By A General Release?
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FAQ
A contingency is a potential occurrence of a negative event in the future, such as an economic recession, natural disaster, fraudulent activity, terrorist attack, or a pandemic.
Contingency clauses provide a way for one or both parties to back out of a real estate contract if certain specified conditions are not met. In other words, the sale is contingent upon these conditions.
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.?
Contingencies can include details such as the time frame (for example, ?the buyer has 14 days to inspect the property?) and specific terms (such as, ?the buyer has 21 days to secure a 30-year conventional loan for 80% of the purchase price at an interest rate no higher than 4.5%?).
Contingencies are removed once agreed terms are met. For instance, if the seller agrees to the Home Inspection Contingency, it's removed. If not, the buyer can proceed with the contract, offer a counter-proposal, or void the contract without penalty.