9 Common Real Estate Contract Conditions
Contracts for purchase/sale of property often contain several “contingent” terms, particular obligations or conditions precedent to the obligation of a party to perform under the terms of the contract. Frequently, these conditions involve the buyer’s verification of certain stated facts or the seller’s performance of certain acts or the happening of some event by a specified date.
If the buyer fails to comply with its obligations by a stated date, it may be construed as a waiver of the condition precedent by the buyer. Likewise, if the seller does not timely perform, as provided or the event does not happen, the buyer may waive the condition and proceed to closing. A waiver by the buyer may preclude his or her later cancellation of the contract based on the failure of the condition.
This is only a general description of common conditions related to real estate contracts in Florida. We recommend you consult with an experienced real estate lawyer for professional advice as each circumstance is unique.
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