Massachusetts Conditional Sales Contract
Description
How to fill out Conditional Sales Contract?
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FAQ
A conditional sales contract is a financing agreement where a buyer will gain possession of an asset, but the title and right to repossess the asset still belong to the seller. This agreement is usually in place until the purchase is paid in full by the buyer.
Conditional contracts are used to add conditional terms to the exchange of contracts. Typically they are used when buying or selling land. Unconditional contracts mean the buyer and seller are legally obligated to exchange contracts without any conditions, such as a cooling-off period or survey results.
Purchase agreements often contain contingencies, such as a deadline for the buyer to gain financing or for a home inspection to be done. If you, as a buyer, don't meet those deadlines, the seller can cancel the purchase agreement without a penalty.
Broadly, a conditional contract is a contract that is subject to one or more conditions in the contract of sale. If a condition in the contract is not met, then either one or both of the buyer or seller will be able to terminate the contract.
You can back out of a conditional offer without penalty if the criteria is not met. In a seller's market, buyers have less negotiating power and can't demand many conditions.
A conditional contract is an agreement or contract conditional upon a specific event, the occurrence of which, at the date of the agreement, is uncertain. A common example is a contract conditional upon the buyer getting planning permission.
For example, the buyer has specific obligations called contingencies, which include things such as loan approval, home inspection, and a home appraisal. If the buyer fails to meet these contingencies by a designated date, the seller can cancel the agreement and then accept another offer.
The seller can back out for reasons written into the contract, including (but not limited to) contingencies. The buyer is in breach of the contract. If the buyer is ?failing to perform? ? a legal term meaning that they're not holding up their side of the contract ? the seller can likely get out of the contract.