A definition of the term "contingency" is presented. It refers to a condition that is essential for the validity of a contract. At least one condition is present in real estate purchase agreements. Such condition enables a buyer to make an offer on the real property based on a set of ...
Depending on your situation, the appraisal contingency process could take anywhere from a couple of weeks to a month or so. Sometimes lenders will expedite the process, but you’ll have to consult with your lender or real estate agent to get a more accurate timeline based on your situation....
A mortgage contingency is a clause in many real estate agreements that dictates the offer is contingent — or dependent — on the prospective homebuyer being able to secure a mortgage. A mortgage contingency may also be referred to as a financing or loan contingency. With a mortgage contingency...
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc. Want to thank TFD for its existence?Tell a friend about us, add a link to this page, or visitthe webmaster's page for free fun content. ...
A real estate contingency is a provision that something must be overcome or approved to consummate a transaction. In other words, it’s a condition, such as “I will buy this house IF (fill in the blank)”. Silicon Valley real estate consumers are well aware that home buyers normally have...
The deposit amount ranges from 1% to 5% of the sale price. It is often presented in the form of acheque. The funds are first held in an escrow account or by the real estate agent until the seller accepts the offer. In case the buyer is unable to complete the purchase, the money is...
Some attorneys may offer a flexible contingency fee depending on the outcome of your case. When attorneys take cases on a contingency basis, they may be more selective about the cases they agree to take on. They may try to avoid cases that they don’t see as easy victories, or may ...
A home appraisal contingency protects the buyer when the home appraisal is lower than their offer. Find out how they work and when to use or waive one.
Contingency Clauses in Real Estate Contingency clauses are often used in real estate transactions whereby an offer to buy or sell a home is contingent on specific terms within a contract being satisfied. Buyer Financing A contingency clause in areal estate transactionmay require the buyer to obtain...
The biggest risk with including contingencies in your offer is that the seller may not accept them or they may be too restrictive to allow you to back out. If you are in a housing market where your offer may be competing with other offers, consult with your real estate agent to determine...