Florida Agreement that Contract Contingent on Attorney Approval
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How to fill out Agreement That Contract Contingent On Attorney Approval?
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FAQ
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.
For example, many parents object to paying their children to go to school, a task they should be doing anyway. To address this, a contract may specify that a child must attend school to earn the opportunity to complete chores at home for which he or she is paid (i.e., a two-part reinforcement contingency).
The difference is that contingent listings still need to meet one or more specific conditions before moving forward. With pending deals, conditions have been met, and both parties are planning to move forward to closing.
Once your home is under contract, but some contingencies need to be met, your property is considered contingent. A contingent contract means that some condition hasn't yet been met, and both parties have not agreed to move forward with executing the deal as planned.
A "contingent contract" is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen.
For instance, if a seller offers a certain price and you, as the buyer, say the price is fine (provided the home inspection comes back clean), you have made a contingent real estate contract. In this case, the sale of the house depends on the inspection not having problems defined in the contract.
A contingency clause is a contract provision requiring a specific event or action to occur in order for the contract to be considered valid. If the party required to satisfy the contingency clause is unable to do so, the other party is released from its obligations.
Two are Florida Realtors/Florida Bar contracts(FR/Bar), the standard Residential Contract for Sale and Purchase and the ?AS IS? version, and one is the Florida Realtors Contract for Residential Sale and Purchase (CRSP).
