0
What else can I help you with?
Can you buy a real estate property that has a sale pending?
No. A sale pending implies that the property is under a binding contract.
What does under contract mean in real estate?
In real estate, the phrase "Under Contract" means that a buyer and a seller are in the process of completing the sale. Usually the buyer has put down some portion of the purchase price (varies by state, property type, seller comfort, etc.) into an escrow account as "good faith" that they will be able to get financing and close the deal. Generally, the seller cannot accept any new offers while the property is under contract.
Does someone take possession of property when contract is signed?
Signing a contract does not automatically transfer possession of property; possession typically occurs when the parties fulfill the terms of the contract, such as closing on a real estate transaction. The contract outlines the conditions under which possession will be granted, which may include payment and other contingencies. Until those conditions are met, the original owner usually retains possession. It’s important to review the specific terms of the contract to understand the timeline and process for possession.
Are you under contract in real estate with no document?
If the parties haven't executed a contract signed by both parties then you are not "under contract".
What does CTG FROR mean in real estate?
CTG FROR in real estate stands for "Contingent with First Right of Refusal." This status indicates that a property is under contract with a buyer, but the seller has agreed to consider other offers. If a higher offer comes in, the original buyer has the right to match it before the property can be sold to the new buyer. This arrangement provides both parties with certain protections and opportunities during the sale process.
What does Under offer mean?
A property is under offer when a homebuyer has made a formal offer to purchase the property but the homeowner has not confirmed whether to accept. If the offer is rejected then the property remains on the market until the next formal offer is made at which point the homeowner must again decide whether to accept the offer or reject it. If the offer is accepted then it becomes 'Sold Subject to Contract' (Sold STC).
What happens to my primary residence when I can't find a tenant for my rental property and it goes into forclosure?
Assuming the rental properties under foreclosure, it is only that property that is being foreclosed.
What is real estate wholesaling?
Wholesaling is putting a property under contract and assigning that contract to buyer for a fee.
Can a private contractor place a lien on someones property even if no written contract exists?
Yes. A licensed contractor could claim a lien under the legal doctrine of quantum meruit. However, the lien will expire (in 8 mos. in WA) if not foreclosed. Your best option, if you are not selling or refinancing, is to do nothing.
Can you buy a real estate property that has a sale pending?
No. A sale pending implies that the property is under a binding contract.
What does CNKO mean?
When the status on a property is listed as "Contingent w/no kick-out" (CNKO) it means that an offer has been presented to the seller with contingencies, and if those contingencies are not satisfied, then the seller may take another offer. A "kick-out" clause is sometimes used if a seller wants to reserve the option to accept a better offer, once the property is under contract. A "no kick-out" clause means that the seller relinquishes this option once his/her home is under contract. So, in your example "Contingent w/no kick-out" means that the seller has accepted an offer with contingencies, but cannot accept another offer unless those contingencies are not satisfied.
What is a foreclosure under contract?
That means a lender has executed a purchase and sale contract on a property it owns by foreclosure and a sale is pending.
Is a contract entered into under duress voidable?
There are 3 classes of duress. 1. Duress to person 2. Duress to property 3. Economic Duress Contracts under into under duress to property and economic duress are voidable. Hence the injured party can choose to rescind the contract or affirm it. But for contracts entered into under duress to person, the contract is void at the start. It is treated as though there is no contract.
How do you remove condominium property management?
Any manager for a condominium association is a vendor, usually under a contract. Read the contract to find the termination clauses.
What can be the Examples of specialty contract or contract under seal?
Examples of a specialty contract or contract under seal include property deeds and a construction contract. Another example would be business transactions.
Is it legal for a land owner to enter into a land contract when they have a mortgage?
If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.
Can a Seller break a real estate Offer to Purchase?
One cannot break an offer. An offer is simply that, an offer. Normally in the process of purchasing real property, a buyer makes an offer to the seller. The seller may then accept that offer, reject that offer, or reject that offer and make a counter offer. Typically, an offer is met with a counter-offer, and the process goes back and forth until one party accepts the other's offer. When the offer has been accepted, a contract has been formed. Should a party enter into a contract and later break that contract, they are subject to the conditions of the contract. (Written in the text of the offer and acceptance.) This is only relevant if one party has made an offer and another party has accepted that offer. Real estate contracts generally include conditions, such as inspection and financing, that allow a party to exit the contract if these things are not satisfactory. When one party has made an offer, they are under no obligation to leave that offer open for any period of time. If a buyer makes an offer to a seller, and the seller has not responded yet, the buyer may withdraw the offer for any reason.
