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6 Cards in this Set
- Front
- Back
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CONTINGENCY |
A provision in a contract that makes the parties' rights and obligations dependent on the occurrence (or nonoccurrence) of a particular event |
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GOOD FAITH EFFORT |
A reasonable effort, such as when attempting to fulfill a contingency |
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FINANCING CONTINGENCY |
A contingency that makes the sale dependent on the buyer's ability to obtain the financing needed to complete the sale |
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INSPECTION CONTINGENCY |
A contingency that makes the sale dependent on the satisfactory results of an inspection (such as general home inspection, a geological inspection, a hazardous substances inspection, or a structural pest control inspection). |
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SALE OF BUYER'S HOME CONTINGENCY |
A contingency that makes the sale dependent on the sale of the buyer's existing home, because the buyer needs the proceeds from that sale to close this transaction |
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NOTICE TO PERFORM |
A notice from one party to the other that the second party know that a deadline for meeting a contingency has passed, and that the second party must meet or waive the contingency or the transaction will terminate |
