Contingency Contract Examples

State:
Multi-State
Control #:
US-C-CL-695-1
Format:
Word; 
Rich Text
Instant download

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 Contingencies Clauses for a Contract for Real Property. Contingency clauses provide a way for one or both parties to back out of a real estate contract if certain specified conditions are not met. In other words, the sale is contingent upon these conditions. A Contingency Clause: Contract for Real Property is a clause included in a contract for the purchase of real property that outlines conditions that must be met for the contract to become legally binding. This clause allows a buyer to withdraw from a contract if certain conditions are not met. There are several types of contingency clauses, including but not limited to financing, inspection, title, appraisal, and home sale contingencies. A financing contingency clause states that the sale of the property is contingent upon the buyer being approved for a loan with a certain amount and terms. An inspection contingency clause allows the buyer to conduct a professional inspection of the property and then decide whether to proceed with the purchase based on the results of the inspection. A title contingency clause allows the buyer to back out if there are any problems with the title of the property. An appraisal contingency clause allows the buyer to back out if the appraised value of the property is lower than the agreed upon purchase price. A home sale contingency clause allows the buyer to back out of the purchase if they are unable to sell their current home by a specified date.

A Contingency Clause: Contract for Real Property is a clause included in a contract for the purchase of real property that outlines conditions that must be met for the contract to become legally binding. This clause allows a buyer to withdraw from a contract if certain conditions are not met. There are several types of contingency clauses, including but not limited to financing, inspection, title, appraisal, and home sale contingencies. A financing contingency clause states that the sale of the property is contingent upon the buyer being approved for a loan with a certain amount and terms. An inspection contingency clause allows the buyer to conduct a professional inspection of the property and then decide whether to proceed with the purchase based on the results of the inspection. A title contingency clause allows the buyer to back out if there are any problems with the title of the property. An appraisal contingency clause allows the buyer to back out if the appraised value of the property is lower than the agreed upon purchase price. A home sale contingency clause allows the buyer to back out of the purchase if they are unable to sell their current home by a specified date.

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Contingency Contract Examples