Certain
types of purchase contingencies are common and should not raise any red flags with sellers.
Not exact matches
Bottom line: It's wise to use certain
types of purchase agreement
contingencies when buying a house.
Specifically, we will examine the different
types of contingencies that can be included in a real estate
purchase agreement, and why they are so important to you as a home buyer.
Coldwell Banker Village Green Realty v. Pillsworth (32 A.D. 3rd 568 [3rd Dept.]-RRB-- Order
of the Supreme Court granting broker's motion for summary judgment affirmed; in the absence
of an agreement to the contrary, the broker's right to a commission is not contingent upon performance
of the underlying real estate contract, receipt by the seller
of the sale price, transfer
of title, or even a formal execution
of a legally enforceable sales contract; seller could not utilize the provisions
of a subsequently executed sales contract wherein seller agreed to pay broker's commission «if and when title closes» as a bootstrap to avoid her obligation to the broker under the clear and unambiguous provisions
of the listing agreement as such language was contained in the contract
of sale prepared by counsel and to which broker was not a party; provisions in listing agreement that seller would accept a binder or
purchase contract contingent upon purchaser's ability to obtain conventional financing and provided any other
contingencies in the binder or
purchase agreement are acceptable to the seller speak only to the
type of purchase offer that seller was obligated to accept and does not alter or otherwise qualify broker's right to a commission
It should include such items as the date it was made, names
of parties involved, address
of property being sold,
purchase price, where deposit monies will be held, date for loan approval, date and place
of closing,
type of deed, including any
contingencies that remain to be settled and what personal property is included (or not) in the sale.
Another advantage
of this
type of loan is that it removes the need to make a contingent offer on a home, or add a
contingency to your contract on a new home that says you won't go through with the
purchase until your home sells.
Specifically, we will examine the different
types of contingencies that can be included in a real estate
purchase agreement, and why they are so important to you as a home buyer.