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Contingency of Sale of Purchasers Residence (72 Hour Clause) This offer is contingent upon the sale and closing of the purchaser(s) residence at within days from the date of the seller(s) acceptance

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How to fill out contingency of sale of

How to fill out contingency of sale of?

01

Start by gathering all relevant information about the sale. This includes the buyer's and seller's names, addresses, and contact information, as well as the property description and purchase price.

02

Specify the terms and conditions of the sale in the contingency clause. This may include any contingencies or conditions that must be met before the sale can be finalized, such as a satisfactory home inspection, mortgage approval, or the sale of the buyer's existing property.

03

Clearly state the duration of the contingency period. This is the timeframe within which the buyer must fulfill the specified contingencies. It is typically a few weeks, but can be negotiated between the parties involved.

04

Make sure to include specific deadlines for each contingency. This ensures that both parties are aware of the timeline and know when certain actions or decisions need to be made.

05

If there are any additional terms or agreements between the buyer and seller, such as repairs to be done before closing, specify them in the contingency of sale of.

Who needs contingency of sale of?

01

Buyers: Buyers may require a contingency of sale of to protect themselves from unforeseen circumstances or risks associated with the purchase. This allows them to back out of the agreement if certain conditions are not met, without losing their earnest money or deposit.

02

Sellers: Sellers may also require a contingency of sale of if they are in the process of buying a new home. This contingency allows them to back out of the sale if they are unable to secure a new property within a certain timeframe.

In summary, filling out a contingency of sale of involves gathering necessary information, specifying terms and conditions, setting deadlines, and including any additional agreements. It is a crucial document for both buyers and sellers, providing protection and flexibility during the home buying process.

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What is contingency of sale of?

Contingency of sale of is a clause in a real estate contract that outlines specific conditions that must be met in order for the sale to be finalized.

Who is required to file contingency of sale of?

The buyer and seller are typically required to file contingency of sale of as part of a real estate transaction.

How to fill out contingency of sale of?

Contingency of sale of can be filled out by including the necessary conditions and terms agreed upon by both the buyer and seller.

What is the purpose of contingency of sale of?

The purpose of contingency of sale of is to protect both parties involved in a real estate transaction by outlining conditions that must be met for the sale to proceed.

What information must be reported on contingency of sale of?

Information such as inspection contingency, financing contingency, and appraisal contingency must be reported on contingency of sale of.

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