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WARREN COUNTY MULTIPLE LISTING SERVICE, INC. 48 HOUR CONTINGENCY CLAUSE ADDENDUM #4 THIS IS A LEGALLY BINDING CONTRACT. WE RECOMMEND CONSULTING AN ATTORNEY. ADDENDUM TO CONTRACT FOR PURCHASE AND SALE

How to fill out 48 hour contingency clause

How to fill out a 48-hour contingency clause:

1. Begin by reading the terms and conditions of the contingency clause thoroughly to ensure you understand all the requirements and provisions.
2. Identify the specific event or condition that triggers the activation of the contingency clause. This could include issues such as financing, inspection results, or appraisal values.
3. Calculate the designated 48-hour time period from the occurrence of the triggering event. This timeframe typically starts from when the buyer receives notice of the event.
4. Understand the obligations of both the buyer and the seller during this period. The buyer may need to provide necessary documentation or additional funds, while the seller may have the right to continue marketing the property.
5. Ensure clear communication and documentation between both parties during the 48-hour period to avoid any misunderstandings or disputes.
6. Review any additional requirements or conditions linked to the contingency clause, such as obtaining written approvals from third parties or waivers from certain obligations.
7. Seek legal advice or consult with a real estate professional if you have any uncertainties or concerns during the process of filling out the contingency clause.

Who needs a 48-hour contingency clause:

1. Homebuyers: Buyers who want the flexibility to back out of a home purchase under certain conditions may include a 48-hour contingency clause in their offer. This will allow them to assess any unexpected issues or changes that may arise during the buying process.
2. Sellers: Sellers may require a 48-hour contingency clause to protect their interests by giving them the option to continue marketing their property if the buyer fails to fulfill certain obligations within the specified timeframe.
3. Real Estate Agents: Agents representing buyers and sellers may recommend including a 48-hour contingency clause to provide their clients with the necessary safeguards and flexibility during the transaction process.

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What is 48 hour contingency clause?

The 48 hour contingency clause is a clause in a contract that allows a party to back out of the agreement within 48 hours if certain conditions are not met.

Who is required to file 48 hour contingency clause?

Typically, the buyer is the one required to file a 48 hour contingency clause when purchasing a property.

How to fill out 48 hour contingency clause?

To fill out a 48 hour contingency clause, the buyer must clearly outline the conditions that need to be met within the 48-hour period in order for the contract to remain valid.

What is the purpose of 48 hour contingency clause?

The purpose of the 48 hour contingency clause is to protect the buyer by giving them an opportunity to withdraw from the contract if certain conditions are not met within a short period of time.

What information must be reported on 48 hour contingency clause?

The 48 hour contingency clause must include the specific conditions that need to be met within the 48-hour period in order for the contract to proceed as planned.