If the buyer cannot or refuses to waive the contingencies, the purchase contract terminates and the seller can accept the other offer. If the seller obtains another offer, this clause will allow the seller to demand the buyer waive pending contingencies. “Bump Out” ClauseĪ seller may want to continue to market their property while the buyer is working through clearing contingencies (financing, inspection, appraisal, etc.). If Buyer fails to terminate this Agreement on or before the Contingency Expiration Date, Buyer shall be deemed to have waived this Home Sale Contingency. If Buyer does not accept an offer, Buyer may terminate this Agreement on or before the Contingency Expiration Date by delivering written notice of termination to the Seller or Seller’s Agent. This Agreement is contingent on Buyer accepting an offer for the sale of Buyer’s property located at (address), on or before (date/time) (the “Contingency Expiration Date”). The home sale contingency allows the buyer to terminate the purchase contract if their home does not sell within a specified time period. In this case, a buyer may want to utilize a home sale contingency. Home Sale ContingencyĪ buyer may need to use proceeds from the sale of their home for the purchase of a new home. Buyer acknowledges and agrees that Buyer is accepting the Property “As Is” without any warranties, representations or guarantees, either expressed or implied, of any kind, nature or type whatsoever from or on behalf of the Seller. The Seller is selling this property in “As Is” condition. A buyer who accepts an “As Is” contract is agreeing to rely on their own inspections and tests in determining the condition of the property and whether to purchase. Latent defects are those defects that cannot be discovered by a reasonably diligent inspection. The “As Is” Clause is used by sellers to avoid having to disclose latent defects with the property. Below are 5 sample contract clauses to have on hand when preparing a purchase offer or a counteroffer for your clients. This is to give them either an advantage or flexibility in the transaction. ![]() However, in a hot and competitive real estate market, clients are seeking to have other clauses added to their purchase offers. Namely financing and inspection contingencies. Many of those forms have been updated over the years to include the most frequently used contingencies. Most brokerages use form purchase agreements supplied by their local Board of Realtors.
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