Contingency as Escape Hatch
Contingency clauses that outline additional conditions that must be met before a sales contract is enforceable are often part of a sales contract. Both buyers and sellers can add contingencies to a contract. A contingency clause must include three pieces of information, including:
· The actions necessary to satisfy the contingency
· The time frame for addressing it
· Who pays the costs associated with addressing it
Contingencies create a voidable contract, in that a contract can be voided if the contingencies are rejected or not satisfied. It’s also important to note that a contingency stays in effect until it is satisfied, until its termination date, or until it is released by either the buyer or seller (depending on which party added it to the contract)
Buying a house isn’t just about the property itself, it’s about finding a place to call home. Happy house hunting! #HomeBuyingTips #RealEstateAdvice
Today is a good day to get started, let’s embark on this exciting journey together. Reach out to Ashe County Realty today, and let our experienced team guide you through the real estate market. Whether it’s a cozy cabin in the mountains or a charming home in town, we will help you find the perfect place to call your own.
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