Financing Contingencies Flashcards
A contingency that the buyer was able to obtain an FHA insured loan commitment VA guaranteed loan commitment.
FHA or VA loan clause
Contingency that the buyer is able to find financing upon agreeable terms, including the mortgage amount, the type of mortgage, the maximum interest, the minimum interest etc.
Financing clause
The contingency that the buyers able to obtain financing from the seller
Seller financing clause
A contingency that the seller grants the land contract to the buyer.
Land contract clause
A contingency that the buyer was able to sell another home before he is bound to purchase another.
Sell other home close
A contingency that allows review and acceptance of the condominium association documents.
Condominium review clause
A contingency allowing the buyers attorney to review the contract. If the attorney does not approve the contract, the buyer is excused from performing.
Attorney review clause
Contingency relating to systems such as electrical, plumbing, roofing, drain, heating, air-conditioning, etc. and specifying they are in adequate supply and working properly.
Inspection clause
Contingency allowing the buyer the opportunity to walk through the home and except or not except the condition/purchase agreement.
Walk through clause
A contingency allowing the buyer to accept the offered by phone or other non-signatory method, and later sign within a fixed time frame.
Absent party clause
A contingency that gives the buyer the opportunity to have the property inspected for termites and provide options if there is a problem.
Wood infestation clause
Contingency that puts the seller on notice if the municipality requires a certificate of occupancy, the seller must provide it.
Certification of occupancy clause
