This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Connecticut Contract for the Sale of Residential Property - Owner Financed with Provisions for Note and Purchase Money Mortgage
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How to fill out Contract For The Sale Of Residential Property - Owner Financed With Provisions For Note And Purchase Money Mortgage?
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FAQ
The legal term ?as is? in a written contract means that the buyer must be willing to accept the home in its current condition. If you are the buyer, this means that you forgo the opportunity to ask the seller to make any repairs or reduce the price based on problems the property may have.
A mortgage contingency ? also known as a financing contingency or a loan contingency ? is a clause that allows buyers to cancel the contract of the home purchase without penalty and receive a refund of their earnest money deposit if they're unable to secure a mortgage.
WHAT IS AN ?AS-IS? PROVISION? An ?as-is? provision is a (commonly misunderstood) provision in a real estate sales contract providing that the buyer of the property takes the property in the condition visually observable to the buyer.
Ancient Mortgage - CGS 49-13a ? cites that a mortgage is invalid 20 years after a stated maturity date or 40 years after date of recording of mortgage if no due date is set forth in the mortgage. An affidavit must be recorded signed by owner of the property alleging these facts.
"As is" language in a realty sales contract does not shield a seller or his agent from liability for affirmative or, as in this case, negative fraud. "Generally speaking, such a provision means that the buyer takes the property in the condition visible to or observable by him.
With an ?as-is? provision, sellers are protected from liability for defects in the property that the buyer visibly observes. Sellers still, however, have a duty under California law to disclose any known defects in the property.
Connecticut law prohibits a broker or salesperson from representing or negotiating on behalf of a buyer unless a buyer signs a written agreement to allow the broker or salesperson to act on buyer's behalf.
Commercial real estate contract provisions consist of terms outlined in a contract. These terms might include warranties, representations, closing conditions, and covenants. After receiving the first draft of the contract, the seller can look over each provision suggested by the buyer and negotiate necessary changes.