Common use of Spec Home Clause in Contracts

Spec Home. The Residence has been permitted and/or is partially built, is designed by Seller, and is considered a “spec home” (as determined by Seller). Seller agrees to allow Buyer seven (7) days from the date hereof (“Rescission Period”) for Buyer to evaluate financing and Xxxxx’s obligations hereunder. If Xxxxx is not satisfied with his/her/their ability to finance or otherwise perform any obligations hereunder, Xxxxx may terminate this Contract by written notice of termination delivered to Seller prior to the end of the Rescission Period (the “Rescission Notice”). Upon proper Rescission Notice, this Contract shall terminate and Buyer’s Xxxxxxx Money Deposit shall be returned to Buyer. Seller shall not be required to proceed with construction or completion of the Residence until after the end of the Rescission Period. If Buyer does not provide a Rescission Notice within the Rescission Period, the Xxxxxxx Money Deposit becomes fully non-refundable.

Spec Home. The Residence has been permitted and/or is partially built, is designed by Seller, and is considered a “spec home” (as determined by Seller). Seller agrees to allow Buyer seven (7) days from the date hereof (“Rescission Period”) for Buyer to evaluate financing and XxxxxBuyer’s obligations hereunder. If Xxxxx Buyer is not satisfied with his/her/their ability to finance or otherwise perform any obligations hereunder, Xxxxx Buyer may terminate this Contract by written notice of termination delivered to Seller prior to the end of the Rescission Period (the “Rescission Notice”). Upon proper Rescission Notice, this Contract shall terminate and Buyer’s Xxxxxxx Money Deposit shall be returned to Buyer. Seller shall not be required to proceed with construction or completion of the Residence until after the end of the Rescission Period. If Buyer does not provide a Rescission Notice within the Rescission Period, the Xxxxxxx Money Deposit becomes fully non-refundable.