Common Contracts
1 similar Contingency Agreement contracts
Contingency form real estateContingency Agreement • August 24th, 2021
A real estate contract sets out the manner in which a seller will sell and a buyer will buy property. It is a legally binding agreement. Once it is done, it cannot be undone, save in very specific circumstances. Typically, the law provides only two ways to get out of a real estate contract. One is due to the other party's breach. The other is a contract clause that allows either or both parties to walk away from the deal if certain preconditions, or contingencies, are not met. Contingencies are common in real estate contracts. Typically, a homebuyer does not get final approval on a home loan until the purchase contract is in place, so a contingency is used to make the transaction conditional upon the buyer securing the loan. Another common contingency relates to the property appraising at or above the purchase price. Contingencies such as these are easy to deal with as they are absolute; either the buyer secures his home loan or he does not; either the property appraises at the require
