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Remove Alternative Choice from the Real Estate Purchase Agreement

Remove Alternative Choice from the Real Estate Purchase Agreement and eSign it in minutes

Aug 6th, 2022

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How to Remove Alternative Choice from the Real Estate Purchase Agreement

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18 votes

hi this is shahida hill helping you confidently buy your first home today were talking all about how to get out of your real estate contract im going to give you five things to think about and that you should talk about with your agent all about how to get out of your real estate contract i do know that real estate laws will vary by state but this is a good place for conversation to discuss this with your realtor so you can get on the same page as if you know if something does happen and you need to terminate your real estate contract what would be the consequences of that so im gonna go through each one and then if you have any questions be sure to put it in the comments also check the rest of my videos great for first time home buyers like and subscribe to this channel so lets get right into it so number one you want to make sure that the contract is binding in the first place okay so when you put in an offer its only one signature yours so until the other side the seller also s

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

What does remove contingency mean?

Removing the loan contingency means you agree to pay the purchase price for the property even if you dont have a home purchase loan. You should only remove the loan contingency in a purchase agreement if youre a cash buyer or are absolutely certain you will obtain financing.

Can a buyer cancel a contingent offer?

A contingent offer on a house is an offer with a protective clause on behalf of the buyer. The contingency communicates that if the clause isnt met, the buyer has the right to back out of the purchase.

How do you get rid of contingencies?

Removing the contingencies happen when everything agreed to comes to fruition. For example, if the seller agrees to everything on the Home Inspection Contingency, then the contingency is removed.

How do you get around a contingent offer?

Bridge loans alleviate the need to make a contingent offer, but they can cost more in fees than a home equity loan. Bridge loans are temporary loans that bridge the gap between the sales price of a new home and a buyers new mortgage. It is secured by the buyers existing home.

Why not to accept a contingent offer?

In general, you should proceed with caution before accepting a contingent offer or avoid contingencies altogether, if you receive an offer without any. Contingent offers are riskier, because if the contingencies arent met, the deal will fall through.

What clause in a purchase contract allows the buyer to cancel?

The contingency clause gives a party to a contract the right to renegotiate or cancel the deal if specific circumstances turn out to be unsatisfactory.

Is a contingent offer binding?

Contingent offers refer to selling an asset or property through a contract contingent upon fulfilling agreed-upon conditions. They are most commonly used for the sale of real estate. The offer becomes a binding contract when it is accepted, and the conditions are fulfilled.

Can you cancel a contingent offer?

If you have an inspection contingency, you can cancel the contract and keep your earnest money. If there are no contingencies in place, the buyer can still exit the deal but they will lose their earnest deposit, which is usually about 1-3% of the purchase price.

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