What are Contingencies in Purchase and Sale Contracts? In real estate terminology a contingency is a part of a real estate contract that essentially provides the buyer with a contingency or condition that allows the buyer to back out of the contract without penalty...
1. Prepare Yourself Mentally that the Property May Take Longer to Sell Then You Anticipate Savvy sellers know that getting a buyer to stick (close escrow) is not as easy as it would seem. Many real estate sales fail to close escrow because the buyer fails to complete...
Are you a first time home buyer? In this guide, you will learn more about the Steps to Buying a House in California in 2021. Find useful tips to get yourself familiar with the legal aspects of purchasing a home Buying a house is a complicated process, especially for a...
Every contract contains an implied covenant of good faith and fair dealing. The basic premise is that the party entering into the contract will not do anything that will negatively affect the other party’s contractual rights. Stated differently, the law requires the...
If you are selling commercial real estate, one of the most important issues you need to consider is whether to accept a backup offer. For good reason, most standard commercial purchase contracts allow a seller to solicit and accept competing backup offers up through...
More and more with an active real estate market in Los Angeles we are seeing disputes over the return of earnest money deposits after a failed escrow. Typically, the seller wants to retain the up to 3% liquidated damage deposit while the buyer wants its deposit back....
