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In real estate what does Ctg stand for?
CTG is an abbreviation for "contingency". The contingency could be a house to sell, house to close, financing, or short sale. This usually means the the seller has accepted a contract based on a contingency. Depending on the type of contingency, and terms of the accepted contract, the seller may have the option to continue to show the property in search for a non contingent offer.
Which political philosopher is best known for developing the concept of social contract?
The political philosopher best known for developing the concept of social contract is Jean-Jacques Rousseau. He argued that individuals come together in society and form a contract to create a government that serves the common good and protects individual rights.
What is a Hubbard contingency?
Hubbard Clause Contingency A clause in a property purchase contract that protects a buyer from having to close on the purchase of a new home until they have successfully managed to sell their current home. Many sellers do not wish to accept these clauses in their sales contracts in case the sales contract doesn
What is contract at large?
The term contract at large simply means when the project client kept on increasing the scope of the work up to the point where by the contingency amount cannot carter for the job.
Under what circumstances does a contract reset by operation of law?
A contract may reset by operation of law when there is a material breach by one party, a mutual agreement to cancel or modify the contract, or if the contract is deemed illegal or impossible to perform.
What percentage do malpractice lawyers charge in tx?
Each lawyer sets their own individual fees. There is no standard rate by state. If they take the matter on a contingency basis, the attorney will normally contract for about 33%, but anywhere from 25-50% is normal, depending on the facts and circumstances.
Is being subject to a contingency in a contract?
It is certainly possible. Many parties work to provide contingency clauses that allow for modifications to the initial agreement due to market and other conditions. It is not required, but a good idea if there is a likelihood of something happening.
How discharge a contract?
By performing all obligations under the contract By operation of law By breach By aggreement
How can a contract be discharged?
Discharge usually results from performance but can occur in other ways: i. the occurrence or failure of a condition which a contract is based; ii. breach of contract; iii. by agreement of the parties; and iv. by operation of law
What is real estate act?
ACT - Plan ol' Active status. Not under contract. OPT - Active Option. There is a contract on the house, and they are doing inspections and negotiating repairs. CON - Active Contingent. There is a contract that has to clear some contingency. The most common contingencies are the buyer's financing, the buyer selling another home, and the bank approving a short sale. KO - Active Kick Out (also called Active Knock Out). There is a contract with a contingency for the buyer selling another home, BUT the seller has the right to kick/knock out the 1st buyer if they have a 2nd (backup) contract. In this instance the 1st buyer has a set amount of time (usually 2-3 days) to waive their contingency or they are kicked/knocked out of the contract and the 2nd buyer becomes the primary contract. PND - Pending. The contract has been cleared of contingencies, and they are just cruising to closing. Depending on the market you're in and what your specific needs are as a buyer, each of these status except the plain ol' Active status are approached a little different
What is contingency addendum?
A contingency addendum is a clause added to a real estate contract that outlines specific conditions that must be met for the contract to remain valid. Common contingencies include financing, home inspections, or the sale of a previous property. If the specified conditions aren't satisfied, the buyer can typically withdraw from the agreement without penalty. This addendum protects both buyers and sellers by clarifying expectations and potential outcomes.
If someone purchases a lot of land and is under contract to purchase that land and it is deemed bad land after signing the contract how do you discharge this contract?
You would execute the inspection contingency clause in the contract that permits you to terminate the contract and reclaim your deposit after the inspection turns up material defects that you will not accept. Additional comment: That's why it is important to consult an attorney BEFORE you sign a P & S Agreement.
