Closing Contingencies Standard Language in Real Estate Contracts

Daily Herald (Arlington Heights, IL), February 11, 2007 | Go to article overview

Closing Contingencies Standard Language in Real Estate Contracts


Byline: Tom Resnick

Q. My husband and I found a house we like and want to sign a contract to buy it. We recently signed a contract to sell our existing home.

We cannot purchase the new home if we don't sell our existing home. We want to protect ourselves in case something goes wrong with our sale. We asked someone about a sale contingency but we were told that because we already sold our home, that would not apply.

Do we just have to take a chance and hope our buyers go through with the deal?

A. If you look at paragraph 31 of the 11-page standard form contract most commonly used in our area, you will note two separate contingencies.

Paragraph 31(B)(1) makes the contract contingent on the purchaser entering into a contract to sell their current property on or before a certain date.

Paragraph 31(B)(2) makes the contract contingent on the purchaser closing on their current property on or before a certain date.

In your situation, you would make your purchase contingent upon your closing on your present residence on or before the date you are obligated to purchase the new property. In the event your sale is delayed for any reason, you may request an extension of the home close contingency from your seller.

Most other form contracts contain similar optional language. In the event your form contract does not contain such language, it may be either written on the existing form contract as part of your offer or can be addressed by your attorney during the attorney review period, usually five business days after the date of acceptance.

Q. My husband and I were divorced about two years ago. Part of our agreement was that me and my children could remain in our house until our youngest child graduates high school, about two years from now. My ex-husband is responsible for making the mortgage and real estate tax payments. When my youngest graduates high school, I must either refinance and get him off the mortgage or sell the house.

Yesterday, a sheriff appeared at my front door and handed me a Summons and a Complaint for Foreclosure. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Closing Contingencies Standard Language in Real Estate Contracts
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.