People also ask
What happens if seller doesn't respond to addendum?
Rather, if the Seller fails to respond to the Purchaser's Home Inspection Contingency Removal Addendum with proposed repairs, then the Purchaser chooses to either take the house without any repairs or void the contract. The Seller can no longer automatically force cancellation of the contract.
What does contingencies mean on a house?
A contingent listing is one where the seller has accepted an offer, but is opting to keep the listing active while they make sure all conditions are properly met. If the contractual conditions are met \u2014 both by the buyer and the seller \u2014 the sale will go through.
Can seller back out of contract before closing?
Can a seller cancel their agreement by refusing to close? The answer is no. The buyer can sue the seller if this happens.
Is there an appraisal contingency in NC?
North Carolina is unique in that there is generally no separate inspection contingency or loan contingency, but simply a due diligence period within which a buyer can walk away for any reason (and after which they cannot, even if their loan application gets rejected).
What does contingency mean in a contract?
Key Takeaways A contingency clause is a contract provision requiring a specific event or action to occur in order for the contract to be considered valid. If the party required to satisfy the contingency clause is unable to do so, the other party is released from its obligations.
contingent sale addendum form 2a2 t