Is a right of first refusal an interest in land?
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Is a right of first refusal an interest in land?
In both an option and a right of first refusal, the holder has no interest in the land or equitable estate until the option or right is exercised. In some condominiums, the association of unit owners retains the right of first refusal on any sale of a unit
What is a 48 hour contingency?
In general, this type of contingency allows a seller to continue to market the home to other potential buyers, with the stipulation that the buyer will be given the opportunity to remove the sale and settlement contingency within a specified period (typically 24-48 hours) if the seller receives another offer.
Can a buyer back out of a contingent offer?
When you sign a purchase agreement for real estate, you’re legally bound to the contract terms, and you’ll give the seller an upfront deposit called earnest money. But having contingencies in place makes backing out of an accepted offer perfectly legal while ensuring you get your earnest money back in most cases
Is pending or contingent better?
A property listed as contingent means the seller has accepted an offer, but they’ve chosen to keep the listing active in case certain contingencies aren’t met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed
Should you ever offer over asking price?
While every listing and situation is different, paying above asking price is very common. So buyers should be ready to consider it if they’re making an offer. He says offers typically need to exceed at least 1 to 3 percent over list price when there are multiple competing buyers
How can you tell if a Realtor is lying?
Here are 17 lies your real estate agent might tell you.
- That wall probably isn’t load-bearing.
- This neighborhood is ‘up and coming’
- My commissions aren’t negotiable.
- Open houses are beneficial to the seller.
- I have potential buyers that would love your house if you list with me.
- This home needs only $10,000 of work.
Can realtors be trusted?
You’re most likely handling the most substantial financial transaction of your life when you buy or sell a home, so it’s of utmost importance that your real estate agent is honest with you. However, most agents are more trustworthy than they’re given credit for.
