US Legal Forms
Contingency Clause: Contract for Real Property

Contingency Clause: Contract for Real Property

Name: Contingency Clause: Contract for Real Property
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.55 (201 reviews)

Category:

Contracts - Clauses

State:

Multi-State

Control #:

US-C-CL-695-1

Format:

Instant download

Description

A clause dictates the conditions under which the contract is legally enforceable and determines the terms of the contract. Contracts often contain boilerplate clauses or standard clauses found across most contracts. These standard clauses do not require a lot of negotiation. Included is a Sample Contingencies Clauses for a Contract for Real Property. 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: Contract for Real Property is a clause included in a contract for the purchase of real property that outlines conditions that must be met for the contract to become legally binding. This clause allows a buyer to withdraw from a contract if certain conditions are not met. There are several types of contingency clauses, including but not limited to financing, inspection, title, appraisal, and home sale contingencies. A financing contingency clause states that the sale of the property is contingent upon the buyer being approved for a loan with a certain amount and terms. An inspection contingency clause allows the buyer to conduct a professional inspection of the property and then decide whether to proceed with the purchase based on the results of the inspection. A title contingency clause allows the buyer to back out if there are any problems with the title of the property. An appraisal contingency clause allows the buyer to back out if the appraised value of the property is lower than the agreed upon purchase price. A home sale contingency clause allows the buyer to back out of the purchase if they are unable to sell their current home by a specified date.

A Contingency Clause: Contract for Real Property is a clause included in a contract for the purchase of real property that outlines conditions that must be met for the contract to become legally binding. This clause allows a buyer to withdraw from a contract if certain conditions are not met. There are several types of contingency clauses, including but not limited to financing, inspection, title, appraisal, and home sale contingencies. A financing contingency clause states that the sale of the property is contingent upon the buyer being approved for a loan with a certain amount and terms. An inspection contingency clause allows the buyer to conduct a professional inspection of the property and then decide whether to proceed with the purchase based on the results of the inspection. A title contingency clause allows the buyer to back out if there are any problems with the title of the property. An appraisal contingency clause allows the buyer to back out if the appraised value of the property is lower than the agreed upon purchase price. A home sale contingency clause allows the buyer to back out of the purchase if they are unable to sell their current home by a specified date.

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FAQ

An appraisal contingency clause is a condition built into a real estate contract that gives the buyer the right to walk away from the transaction if the appraised value of the property is lower than the agreed-upon purchase price.

Some of the most common real estate contingencies include appraisal, mortgage, title and home inspection contingencies. Many home buyers also include a sale of prior home contingency, which allows them to withdraw an offer if they are unable to sell their current home within a specified timeframe.

The Property must appraise at a value equal to or exceeding the purchase price or, at the option of Buyer, this contract may be terminated and all x monies shall be refunded to Buyer.

A contingency is a condition that needs to be met before an offer can proceed. In other words, it's kind of like a safety net. Therefore, an appraisal contingency means that if your home doesn't appraise for the amount you've agreed to pay, you can walk away from the deal with your deposit.

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%?).

A contingency is a clause that buyers include when making an offer on a home that allows them to back out of buying the house if the terms of the clause aren't met. Without a contingency in place, buyers risk losing their earnest money deposit if they decide not to purchase the home after making an offer.

As an appraisal contingency example, if you agree to buy a home for $200,000, but the appraised value comes in at only $190,000, the lender will not give you a loan for the property unless you cover the difference.

More info

The contingency clause gives a party to a contract the right to renegotiate or cancel the deal if specific circumstances turn out to be unsatisfactory. An appraisal contingency gives the buyer the right to back out if a professional property appraisal comes in lower than a specified minimum.A contingency contract in real estate is a conditional purchase agreement with stipulations that must be met to complete the sale. Because contingency clauses provide you with a way to back out of a contract, they can be great tools for real estate investors who make offers on properties. As mentioned, a contingency in a real estate contract means that certain things must be completed for the home purchase to continue. A contingency clause defines a condition or action that must be met or avoided before the real estate transaction can move forward. A contingency is a provision in a real estate contract that makes the contract null and void if a certain event were to occur. A contingency clause in a real estate contract is a condition that has to be met in order for the transaction to move forward. If it doesn't, the contract is void, and the seller can move on to a backup offer received while the sale was contingent. A mortgage contingency is a clause in real estate transactions that gives home buyers a timeframe to secure a mortgage loan for a home.

Contingency Clause: Contract for Real Property

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What is the appraisal contingency clause language?

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What is the appraisal contingency language for a real estate contract?

How do you write a contingency clause in a real estate contract?

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