Real Estate Contingency Document

REAL ESTATE CONTINGENCY DOCUMENT

Parties

This Contingency Document is entered into between the following contracting parties in connection with the Purchase Agreement referenced below.

Property Identification

Reference Agreement and Financial Terms

Purchase Agreement Date:    Purchase Price: $    Earnest Money: $

Proposed Closing Date:    Possession Date (if different):

Contingencies (Select applicable and complete deadline fields)

1. Financing Contingency

The Buyer's obligation to close is contingent upon obtaining financing on the following terms or better. Buyer may terminate if financing is not obtained within the stated deadline.

Apply Financing Contingency: Yes No    Financing Deadline:

2. Inspection Contingency

Buyer may, at Buyer’s expense, obtain inspections of the Property. If material defects are identified, Buyer may request Seller cure or permit Buyer to terminate in accordance with the cure provisions set forth herein.

Apply Inspection Contingency: Yes No    Inspection Period (days):    Seller Cure Period (days):

3. Appraisal Contingency

This contingency permits Buyer to terminate or negotiate if the appraised value is less than the Purchase Price.

Apply Appraisal Contingency: Yes No    Appraisal Deadline:

4. Title and Survey Contingency

Buyer’s obligation is contingent upon delivery of marketable title and resolution of title exceptions acceptable to Buyer.

Apply Title/Survey Contingency: Yes No    Title Objection Deadline:

5. Sale of Buyer's Property Contingency

This contingency is effective only if selected and requires Buyer to sell Buyer’s property on terms acceptable to Buyer by the specified deadline.

Apply Sale Contingency: Yes No    Sale Deadline:

6. Insurance and Hazard Contingency

Buyer’s obligation is conditioned on ability to obtain homeowner’s insurance or other required hazard insurance at commercially reasonable rates.

Apply Insurance Contingency: Yes No    Insurance Deadline:

7. Environmental and Disclosure Matters

The following represent known disclosures. Buyer may investigate environmental conditions and known hazards during the contingency periods.

Lead-based paint present: Yes No

Known mold or water intrusion: Yes No

Prior material structural or fire damage: Yes No

Notice and Cure Provisions

All notices pursuant to this Contingency Document shall be in writing and delivered to the notice addresses below by personal delivery, nationally recognized overnight courier, or certified mail, return receipt requested. Notice is effective upon receipt.

Default, Termination and Remedies

If Buyer timely elects to terminate under an applicable contingency, Buyer shall deliver written notice and the Purchase Agreement shall be terminated without further liability, except as expressly provided. If a party fails to perform and does not cure within the applicable cure period, the non-defaulting party may pursue remedies available at law or in equity, including specific performance where appropriate. Damages shall be limited as provided in the Purchase Agreement.

Amendment, Waiver, Governing Law

This Contingency Document may be amended or waived only by a writing signed by the party against whom enforcement is sought. This Document shall be governed by the laws of the state in which the Property is located. Venue for any dispute shall be proper in the county where the Property is located, subject to any mandatory provisions of the Purchase Agreement.

Integration and Survival

This Contingency Document, together with the Purchase Agreement, constitutes the entire agreement with respect to the contingencies addressed herein. Provisions intended to survive closing or termination, including indemnities, notices, and remedies, shall survive as provided in the Purchase Agreement.

Acknowledgement and Certification

Each party represents and warrants that it has authority to execute this Contingency Document and that the individual signing below is authorized to bind the party. Each party acknowledges receipt of a fully executed copy of this Contingency Document upon signing.

Sign Now