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Real Estate Contracts >Contingency Sale
Sellers may be reluctant to accept an offer that is contingent on the sale of another property. However, such a sale can be structured to minimize the risks.
The seller should put a limit on the amount of time that the buyers have to accept an offer, and they should keep their home on the market during that time. They should also reserve the right to require that any contingencies be met within a short period of time, ideally 24 to 48 hours, if they get a second offer. This is called a "First Right" contingency.
Contingent sales can work well for the sellers. The buyer is not in a position to ask for concessions on price or terms and may be able to get interim financing. Each situation is different, however, so go over the terms with your real estate agent before accepting a contingent offer.
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| Q |
What is the legal term used to describe the right of the U. S. government to condemn private land for public use?
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| A |
Right of Eminent Domain allows the government to confiscate private land by paying full market value for the property. |
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Pat Wilson-Thomas, CRS
Elite Real Estate Professionals
12818 Hwy 105 W Suite 2 - J
Conroe, TX 77304
Direct: 936-524-0009
Office: 936-524-0009
Fax: 936-647-2749
Email: PatWilson@NUMBER1EXPERT.com
Pat Wilson - Thomas, CRS is the NUMBER1EXPERT™ in the Lake Conroe area. She has a proven track record that few agents can match! She brings Knowledge, Commitment, and Trust that surpasses the normal Realtor. Pat Wilson is a professional that has your best interest in mind.    
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