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If you’re in the process of buying a home you may have heard the term “contingency.” These are clauses in your contract that give you an out if something unforeseen arises from the time you make an offer until you close. Real estate contingencies protect you from losing your earnest ...
Contingencies in a real estate offer must be specific; the contingency details must accurately describe what must happen. They cannot simply be a general wish for some action. The clause must state precisely what outcome to meet so that there is no doubt about completing the contingency. For ex...
Does a Home Seller Have to Accept a Full-Price Offer? What are home sellers obligated to do when buyers submit a full-price, contingency-free offer? Should You Hire a Real Estate Agent or Lawyer to Buy a House? Professionals who can (and in some cases, are legally required to) help ...
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If the propertyhas greater repair problems than you knew, you can, of course, alsonegotiate a lower home priceor pull out if you included areal estate offer contingency.In this case,you also have a third option: ask the seller to pay for the repairs. ...
Another example of an “invisible” motivation is certainty – or lack thereof.Many sellers have been burned by buyers walking away and collapsing the deal. In this case, you could offer concessions like removing a contingency clause. Negotiate Real Estate Deals Live ...
2. Can a seller back out of a real estate contract? Yes, a seller can back out under specific conditions, such as a contingency not being met, failure of the buyer to provide earnest money, or if the contract includes an escape clause. However, wrongful termination can lead to legal con...