Having an As Is offer does not mean that you are prohibited from inspecting the home.With an As Is offer, you should still retain a property condition contingency, the right to inspect and research whatever you need. As Is simply means that the seller is notobligatedto...
Mr. Ferguson, the buyer, was naturally upset, and sued, seeking an order of “specific performance” to enforce the deal, based on well established law that an offer to purchase is a legally binding contract for the sale of real estate. (Read the case if you want to learn about various...
Financing contingency:The offer is contingent on the buyer securing financing for the property. Inspection contingency:The buyer must be satisfied with the results of the home inspection. Appraisal contingency:The home must appraise at a value equal to or higher than the price the buyer has agreed...
Sale of your current home contingency clause (if needed) Language on what may cause the deal to be canceled, and earnest money returned Wait for Seller to Accept, Counter or Decline Once you’ve made your offer the seller will either accept, counter or decline your purchase agreement. If th...
A real estate purchase contract is only one part of a larger constellation of documents. Commercial and residential sales can include several forms outlining everything from home inspections to counteroffers to zoning, and involved parties need to review and sign all of them.Electronic formscan mak...
Appraisal contingency:The buyer can back out if the home doesn’t appraise for the offer amount. Title contingency:The buyer can back out if the seller cannot prove they possess title to the home. Contingent on the sale of another property:The buyer can back out if their previous home doesn...
Financing Contingency The loan agreement is written to protect the interests of both the buyer and seller. Neither wants to be stuck in a situation where a mortgage lender refuses to finance the purchase. That's why real estate deals will contain a financing contingency so the sale will be ca...
A property acquisition with no financing. Even without a financing contingency, it is important for real estate contracts to specify if there will be a cash purchase or a financed purchase, because the two represent vastly different responsibilities on the part of the closing company. ...
Since a purchase agreement details the sale of a property to the buyer, it is very important for real estate transactions. Having a purchase agreement resolves any potential conflict by describing each scenario of contingency. Further, it discusses the obligations of the buyer towards the seller an...
Contingencies offer their own challenges within real estate contracts. They can frequently become an additional source of stress for both sellers and buyers. If a buyer can't get a home inspected by the home inspection contingency deadline, they must decide whether to move forward before the home...