If you are the buyer you could lose your deposit money. If you are the seller, the buyer could sue you for suit of specific performance. Either way, defaulting is something you want to avoid!
The real estate default rate is the rate of borrowers that fail to remain current on their loans. When a homeowner is in default, their house may be in danger of being foreclosed on.
A real estate contract may be executed by the buyer and seller; trustee; attorney; builder/contractor. Any party to a real estate contract may execute a real estate contract.
Good faith money in a real estate contract serves as a deposit to show the buyer's serious intent to purchase the property. It demonstrates commitment and helps ensure that the buyer will follow through with the transaction.
If both parties agree that they do not want to pursue the contract for the purchase and sale of real estate they can mutually agree to void the contract.
Yes, a real estate contract can still be binding even if no deposit is made, as long as both parties have agreed to the terms and conditions outlined in the contract.
Generally, if an offer was accepted and signed the decedent's real estate is subject to the contract and the estate representative can complete the sale once they have been appointed.
The contract will be valid. Generally, the death of the seller will delay the closing until a probate procedure is filed and the court allows the sale of the real estate by the estate representative.The contract will be valid. Generally, the death of the seller will delay the closing until a probate procedure is filed and the court allows the sale of the real estate by the estate representative.The contract will be valid. Generally, the death of the seller will delay the closing until a probate procedure is filed and the court allows the sale of the real estate by the estate representative.The contract will be valid. Generally, the death of the seller will delay the closing until a probate procedure is filed and the court allows the sale of the real estate by the estate representative.
Upon both the buyer and the seller signing the contract.
Where can I find a termination of real estate and earnest money form
If the parties haven't executed a contract signed by both parties then you are not "under contract".
Yes
When it has been signed by the buyer and seller.