contingency clause

contingency clause

A clause that allows cancellation of a contract without penalty if a certain described thing happens (e.g., an inspection report reveals necessary repairs estimated to cost in excess of $1,000) or fails to happen (e.g., failure to obtain satisfactory financing). A contingency clause contains a condition for contract performance.

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My next concern is Smith's statement regarding the appraisal contingency clause in the District of Columbia, Maryland and Virginia, which I have never seen.
a good deal doesn't have a contingency clause in the contract).
And your real estate contract should provide for the repair or replacement of serious deficiencies by way of an |inspection contingency clause.
It's also important to note that our agreement contains a contingency clause similar to the other two unions' agreements that requires all three unions to have ratified and legally binding contracts, or none of the agreements are effective.
The Phams sued, but an arbitrator found in favor of the developer since their contract, like the vast majority of those signed during the boom, had no mortgage contingency clause.
The two events mentioned earlier--the appraisal contingency clause and the intended beneficiary case--both occurred in 1996.
Blesso offers its buyers a mortgage contingency clause if they opt to buy a mortgage from the firm's mortgage brokerage partner, Universal Mortgage.
In a mortgage contingency clause, plaintiff was to promptly apply for a mortgage, and, if after cooperating in good faith with lender's requirements, no loan was obtained, plaintiff could cancel the contract by giving notice within five business days after the commitment date.
This article will explore the issues for both purchasers and sellers in connection with the finance contingency clause.
One of the most common requests made by buyers, like the one Wecler encountered at 15 Broad Street, is for a mortgage contingency clause.
Is it the seller's responsibility to establish that the mortgage contingency clause was met since it is the seller who seeks to enforce the contract of sale?
Manhattan buyers, concerned about the difficulty of obtaining a loan in the wake of the subprime mortgage crisis, are more reluctant to purchase apartments without a mortgage contingency clause in place.

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