Default Clauses: Contract for Real Property

• Category: Contracts - Clauses
• State: Multi-State
• Control #: US-C-CL-685-1
• Format: Word; Rich Text

Description

A clause dictates the conditions under which the contract is legally enforceable and determines the terms of the contract. Contracts often contain boilerplate clauses or standard clauses found across most contracts. These standard clauses do not require a lot of negotiation. Included is a Sample Default Clauses for a Contract for Real Property. A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement. These clauses can be found in any type of contract including loan agreements, lease agreements, and property agreements.

Default Clauses: Contract for Real Property are clauses in a contract that establish the rights and obligations of the parties if a default occurs. Default Clauses: Contract for Real Property spell out the consequences of a failure to perform under the contract, such as payment of damages, cancellation of the contract, or seizure of the property. There are two types of Default Clauses: Contract for Real Property: Pre-Default Clauses and Post-Default Clauses. Pre-Default Clauses are clauses that set out the procedures that must be followed if a default occurs before a contract is completed. These clauses usually require the parties to take certain steps, such as providing notice and an opportunity to cure, in order to resolve the default. Post-Default Clauses are clauses that set out the rights and obligations of the parties if a default occurs after the contract has been completed. These clauses typically provide for payment of damages or for cancellation of the contract. They may also provide for the seizure of the real property by one of the parties.