condition

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condition

A future and uncertain event that determines whether or not there will be a contractual obligation or liability. Conditions may be express or implied, possible or impossible, lawful or unlawful, affirmative or negative, precedent or subsequent, positive or negative, and, finally, single, copulative,or disjunctive.Each type of condition has different legal consequences.

Examples of the most common types encountered in real estate are

• Express. If the purchaser cannot obtain financing, the purchaser may cancel the contract.

• Implied. If the seller burns down the house the day before closing, the purchaser may cancel the contract.

• Lawful. If the broker produces a buyer willing and able to pay the asking price, the seller will pay a commission of 6 percent of that price.

• Unlawful. If the broker produces a buyer willing and able to pay at least $125,000, the broker will be paid all the purchase price in excess of $125,000.

References in periodicals archive ?
He was discharged conditionally for six months and was ordered to pay PS100 compensation.
The nomination forms of Shahzain Bugti of JWP, and Wadera Ramazan Silachi of BNP submitted for NA-265 Sibi seat were accepted conditionally.
Clothianidin, which has been on the market since 2003, is one of many pesticides the NRDC says the EPA has conditionally approved without thorough evaluation.
Mark Shaun O'Neill, 29, of Leybourne Terrace, Stockton, discharged conditionally for six months, and ordered to pay costs of pounds 85, for being drunk and disorderly.
31 May 2013 - UK cloud-based technology firm Blur Group Plc (LON:BLUR) said today that it had conditionally raised USD11.
Adrian Morrell, 39, of Forest Park, Stillington, Stockton, discharged conditionally for 12 months and ordered to pay costs of pounds 40, for possession of a Class C drug.
International Resource News-December 13, 2010--Kalahari Minerals PLC conditionally raises GBP41.
The Association of Consulting Actuaries wants the Government to remove the ban on conditionally indexed pension schemes - to help cap employers' costs into the future.
The agreement enables ReNeuron to exploit its "c-mycER" conditionally immortalized adult human neural stem cell technology for therapy and other purposes.
Kirsteen Suzanne Gentles,26, of Pearse Close, Penarth, was conditionally discharged for 12 months after admitting an offence of assault.
He was conditionally discharged for six months and told to pay a PS15 victim surcharge.
AMONG the cases dealt with at Teesside Magistrates' Court on January 19 were: Alison Briggs, 37, of Cromer Street, Middlesbrough, discharged conditionally for 12 months, and ordered to pay costs of pounds 200, for assault.

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