Some real estate contracts require a home sale contingency.If you are considering a move and you aren’t buying your first home, the odds are you’ll want to sell the home you are in before you buy your next one. In the event that you do need the equity from your current home to ...
In the case of a short sale, the sellers have a contingency for bank approval and for their acceptance of the bank’s terms. If the bank doesn’t approve the short payoff, the seller does not have to sell the house to the buyer. Sometimes sellers only want to sell their home if they...
The article discusses unusual terms that buyers and sellers of homes sometimes insist upon before closing a sale. The author's parents were able to buy a certain home in Philadelphia, Pennsylvania only after agreeing to accept the owner's Norwegian elkhound. In order to close a deal real-...
In a home sale and purchase agreement,financing contingencyrefers to a clause that expresses that the offer is contingent on the buyer securing financing for the property. A financing contingency provides the buyer with protection from potential legal ramifications in case the deal fails to close. ...
The sale of the home becomescontingenton (or dependent upon) certain conditions or events taking place, and those events are known ascontingencies. These necessary conditions have to be identified within the real estate contract, also known as the purchase agreement. ...
1. What other types of real estate contingencies are there? Both the buyer and seller can add contingencies to the agreement that can apply to a variety of different things. Some of the more common examples of real estate contingencies are insurance,appraisal, home sale and title. ...
Buying a home is generally a serious commitment. There’s often a significant amount of money on the line, and many homeowners need a mortgage to afford the purchase. As part of the mortgage process, lenders usually require a property appraisal to ensure they’re not financing more than a ...
Name of Lender:Social Security Numbers: If the sale involves a townhome or condominium,the Seller mustprovide copies ofthe Declaration, Bylaws, and budgetfor the associationalong with aCommon Interest CommunityResaleDisclosure Certificate. BUYER (ifobtaining financing). Name of Lender: Taxes are ...
Anappraisalcan help the bank ensure that they don't lend more than the house is worth. If the property is determined to be of lower value than the negotiated sale, themortgage lenderis not going to loan at the selling price. A low home appraisal could trigger a contingency clause, allowin...
House sale contingencies can be difficult on the seller, who may be forced to pass up another offer while waiting for the outcome of the contingency. The seller retains the right to cancel the contract if the buyer’s home is not sold within the specified number of days. Too many contingen...