Library of Real Estate Contract Clauses

LIBRARY OF CLAUSES

Standard real estate contracts contain the basis for a binding agreement between buyer and seller. Special circumstances sometimes require additional language.

Review the clauses in Library of Clauses. If you feel any of them will help to enhance or clarify your contractual position, consult with your broker and the real estate attorney on your team and evaluate what changes to make consistent with your state law.

CONTINGENT ON ABILITY OF BUYER TO SELL PRESENT HOME.

This offer is contingent on the ability of Buyer to sell Buyer’s present

property,  located at ______________________________________________________________________________ (“Buyer’s Home”), which Buyer shall diligently seek to sell expeditiously and in good faith, time being of the essence. Settlement on this contract will take place on or about the same time that settlement is conducted on the sale of the property of Buyer. It is agreed that if Seller receives a backup contract to this offer, Seller shall so notify the Buyer. Buyer will have ____ (___) hours following receipt of written notification from Seller or Seller’s agent of the backup contract in which to remove this condition as well as any other contingency still unfulfilled which are contained in the offer made by Buyer or any contingencies or addenda attached and/or made a part thereto. If Buyer fails to remove the contingencies, then this contract shall be null and void and the deposit of Buyer shall be refunded in full; provided, however, that should the sale and closing of the Buyer’ Home not be accomplished by _____ M.(Time) on ____________________(Date), Seller may declare this contract null and void by written or oral notification in which event the deposit of Buyer shall be refunded in full.

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