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Alabama Standard Conditions of Acceptance of Escrow
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How to fill out Standard Conditions Of Acceptance Of Escrow?
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FAQ
Unlike in many other U.S. states, Alabama law employs a rule known as caveat emptor for the sale of used residential property. Caveat emptor is Latin for "let the buyer beware," which means that the seller has no actual duty to advise the buyer of issues with the property's physical condition during the sale.
A contingency period typically lasts anywhere between 30 and 60 days. If the buyer isn't able to get a mortgage within the agreed time, then the seller can choose to cancel the contract and find another buyer. This timeframe may be important if you encounter a delay in getting financed.
Earnest money and deposits are held in an escrow account. Once you back out, those funds are released to the seller if you haven't performed them. However, if you get your inspections, appraisals, and financing within the agreed-upon date range and choose to back out, there are no penalties.
The seller might have a clause hidden deep in the contract that allows him to cancel the escrow without penalties for any reason he wishes to do so. Look for that carefully when going over the contract or you could get caught up in a mess down the road.
Cancelling escrow after all the contingencies have been met is possible but will put the buyer's deposit at risk of forfeiture. Once the decision has been made to cancel the escrow, the seller should be notified immediately.
Generally, once you are in the escrow process, you may back out only if the other party fails to meet contingencies. Check the terms of your sales contract. The other party may wish to negotiate rather than cancel the sale.
Closing conditions can include: Provisions that each party's warranties and representations are valid as of the closing date. Provisions stating warranties and representations have been met by all parties involved. If applicable, approval given by government authority for the transaction to occur.
In real estate, one phrase you'll run into is caveat emptor....The short list of states that lean toward caveat emptor is:Alabama.Arkansas.Georgia.North Dakota.Virginia.Wyoming.
The contingency period refers to a time period that starts the date an offer is accepted and ends on the contingency removal date, which is a date named in the accepted offer.
In short: Yes, buyers can typically back out of buying a house before closing. However, once both parties have signed the purchase agreement, backing out becomes more complex, particularly if your goal is to avoid losing your earnest money deposit.