Category Archives: Lexicon

Home Sale Contingency

Dec 30, 2022 Lexicon

A home sale contingency in real estate is a condition that requires the sale of the buyer’s current home to be completed before the purchase of a new home can be finalized(see Closing Date). It is typically included in the Buy-Sell Agreement or contract for the new home and is designed to protect the interests

Closing Date

Dec 30, 2022 Lexicon

The closing date in real estate is the date on which the ownership of the property is transferred from the seller to the buyer, and all necessary documents are signed. It is the final step in the process of buying or selling a property, and is typically specified in the Buy-Sell Agreement or contract. On

Title Contingency

Dec 30, 2022 Lexicon

A title contingency in real estate is a condition that requires the seller to provide a clear and marketable title to the property before the sale can be completed. It is typically included in the Buy-Sell Agreement or contract and is designed to protect the interests of both the buyer and the seller. A clear

Inspection Contingency

Dec 30, 2022 Lexicon

An inspection contingency in real estate is a condition that requires the buyer to have the property inspected before the sale can be completed. It is typically included in the Buy-Sell Agreement or contract and is designed to protect the interests of both the buyer and the seller. An inspection is a thorough examination of

Appraisal Contingency

Dec 30, 2022 Lexicon

An appraisal contingency in real estate is a condition that requires the property to appraise at or above the purchase price before the sale can be completed. It is typically included in the Buy-Sell Agreement or contract and is designed to protect the interests of both the buyer and the seller. An appraisal is a

Financing Contingency

Dec 30, 2022 Lexicon

A financing contingency is an important consideration in a real estate transaction, as it helps to protect both the buyer and the seller by ensuring that the sale is dependent on the buyer being able to secure financing to purchase the property. When a financing contingency is included in the Buy-Sell Agreement, it means that

Contingencies

Dec 30, 2022 Lexicon

In real estate, a contingency is a condition that must be met before a sale can be completed. Contingencies are typically included in the Buy-Sell Agreement and are designed to protect the interests of both the buyer and the seller. There are several types of contingencies that may be included in a real estate contract,

Purchase Agreement

Dec 30, 2022 Lexicon

In real estate, a purchase agreement(called a Buy-Sell Agreement in Bozeman) is a legal contract between a buyer and a seller that outlines the terms and conditions of a real estate transaction. It is a binding agreement that specifies the price, financing terms, closing date, and other details of the transaction. A purchase agreement typically

Buy-Sell Agreement

Dec 30, 2022 Lexicon

A buy-sell agreement in real estate is a legally binding contract that outlines the terms and conditions of a transaction in which one party buys a property from another party. It is typically used in situations where one party (the buyer) is interested in purchasing a property from another party (the seller), but the parties

As Is

Dec 30, 2022 Lexicon

In real estate, the term “as is” refers to the condition of a property at the time of sale. When a property is sold “as is,” it means that the seller is not willing to make any repairs or improvements to the property before the sale. The buyer is responsible for any repairs or improvements

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