Indiana 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
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.?
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 is a potentially negative future event or circumstance, such as a global pandemic, natural disaster, or terrorist attack. By designing plans that take contingencies into account, companies, governments, and individuals are able to limit the damage done by such events.
A contingency clause should clearly outline what the condition is, how the condition is to be fulfilled, and which party is responsible for fulfilling it. The clause should also provide a timeframe and what happens if the condition is not met.
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%?).
When a property is marked as contingent, it means that the buyer has made an offer and the seller has accepted that offer, but the deal is conditional upon one or more things happening, and the closing won't take place until those things 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.
Attorney approval clauses are most widely used in the purchase of a property and real estate. The attorney will review the local development plans, economic conditions and the state of the property as described in a surveyors report.
