Easily Replace Conditional Fields in the Real Estate Contract

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How to Replace Conditional Fields in the Real Estate Contract

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hi we are recording this video in the fall of 2022 and thats important because through some date you know some date like January February March the market was super super hot and sellers were receiving multiple offers on property and sellers could be choosy as heck about who they sold property to but then the Federal Reserve started increasing interest rates and the market is low down and sellers dont have the ability to be quite as choosy as they would like to be and so as a consequence one of the things that sellers are doing that would have been unheard of a year ago is the sellers are considering accepting offers from buyers who God forbid uh those buyers have a house that that buyer needs to sell in order for that buyer to close on the property that you have listed so sellers might be willing to do things like this and have the offer contain a conditional sale deadline which by the way is in section 10.7 of the real estate commission approved contract but the purpose of this vid

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What is a conditional agreement in real estate?

What Is a Conditional Offer? A conditional offer is an agreement between two parties that an offer will be made if a specific condition is met. Conditional offers are used in real estate transactions whereby a buyers offer on a home is contingent on something getting done for the purchase to go through.

What is the difference between contingent contract and conditional contract?

The Contracts Performance Must Be Conditional: The event for which the contract was made must occur in the future and should be unpredictable. If the contracts performance is dependent on a future occurrence that is assured to occur, it is not termed as a contingent contract.

What is difference between conditional and contingent contract?

The Contracts Performance Must Be Conditional: The event for which the contract was made must occur in the future and should be unpredictable. If the contracts performance is dependent on a future occurrence that is assured to occur, it is not termed as a contingent contract.

What are the problems with conditional contracts?

For the seller, a conditional contract does not bring security of a sale and they will be unable to sell to other prospective buyers. There is a more docHub risk where the issues are beyond the sellers control or relate to the buyers use of the property post-completion.

What is an example of a contingent contract?

Insurance contracts, indemnity contracts, and guarantee contracts are some examples of contingent contracts. Contingent Contract Example: A promises to pay B a sum of 20 thousand rupees if there is damage to his house from fire. The payment of the amount is contingent on the house being destroyed by fire.

What are the rules of a conditional contract?

A conditional contract is an agreement or contract conditional upon a specific event, the occurrence of which, at the date of the agreement, is uncertain. A common example is a contract conditional upon the buyer getting planning permission.

Is contingent contract a conditional?

Although a contingent contract is based upon an absolute promise to do something in the case of a specific future event, the promise is conditional in the sense that the party is liable to perform only if the said event happens (or does not happen).

What does it mean if a contract is conditional?

Broadly, a conditional contract is a contract that is subject to one or more conditions in the contract of sale. If a condition in the contract is not met, then either one or both of the buyer or seller will be able to terminate the contract.

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