Along with these essential details, a real estate contract must outline many of the details that often make or break a deal, and are usually very important to the buyer, including: what is included or excluded from the obvious real estate; the contingency for an inspection and when it is ...
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...
Contingency Explained A contingency fee operates in the same manner regardless of the field. The worker and the person hiring the worker make an agreement for money in exchange for specific duties to be performed. Once the agreed-to tasks have been completed, the contingency fee is paid. The ...
What is a Kick-Out Clause If the buyer cannot sell their home, and the seller has a second offer on the table, they have another option. The seller can decide to contact the first buyer and give them a certain period to either remove the contingency or meet its requirements. ...
When a sale is contingent, it also may be labeled “under contract,” as the seller has accepted the buyer’s offer but the deal hasn't been finalized. These contingencies can include requests such as: An inspection contingency, which allows the buyer to back out if something problematic is...
What is a contingency plan example? Contingency plans are often devised by governments or businesses. For example,suppose many employees of a company are traveling together on an aircraft which crashes, killing all aboard. The company could be severely strained or even ruined by such a loss. ...
Financial Contingency: If a buyer cannot get the home loan or mortgage they anticipated, the seller can opt-out. Appraisal Contingency: If an appraisal reveals that the home is worth less than the offer, the buyer can request a lower price or opt-out. Inspection Contingency: If a home insp...
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A contingency clause is a contract provision that requires a specific event or action to take place in order for the contract to be considered valid.
Contingent immunizationis a type of contingency plan used in fixed-income investing. It involves the fund manager switching to a defensive position if the portfolio drops below a predetermined value. Business Continuity and Recovery As part of a contingency plan for disasters, such as a pandemic, ...