A real estate purchase agreement legally binds a buyer and a seller into a home sale. Learn what's included in a home purchase agreement and more.
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 ...
the buyer may be able to terminate the purchase agreement without penalty. This could mean that the earnest money deposit would be returned to the buyer if the deal cannot close because of an unmet contingency. Having said that, the buyer is responsible for confirming whether contingencies have ...
Closing day is the final step in what is often a lengthy process – also called “closing” – associated with a real estate sale. It can take a couple of months between signing a purchase agreement and reaching closing day. For homebuyers, closing is the day they officially take over owne...
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...
It can be useful to establish contingency plans for your family, in case you and/or a spouse pass away earlier than expected. You can name guardians for minor children, set up life insurance, and determine who is willing to act as executor for your estate. 3. Establish all legal directi...
What is an Inspection Contingency? What is a Title Contingency? How Do Contingencies Affect the Home Buying Process? The Bottom Line Contingency: Another term in the never-ending homebuying dictionary, and one that can sound intimidating, especially if you’re a first-time homebuyer and aren’...
you will need a home sale contingency in your contract. Contingencies are not always necessary though. For some people it’s a need, while for others it’s a want. You might need some guidance on what it looks like for you. The Blanchard Team is here to help. Sit back, watch the vi...
It can take weeks for a buyer’s needs — called “contingencies” — to be met. After these contingencies are settled, the sale is pending until it’s officially completed.
The seller might be willing to continue showing the property during this time, but if it's a house you're excited about, talk to your real estate agent. It matters what the contingency is for. If the sale has a contingency based on the buyers selling their current home, for example, ...