morris farm: Short Sale Snake Pit: Multiple Ratified Contracts?
- 01/08/08 09:06 AM
In Northern Virginia, our third party approval clause in a contract is actually a contingency. Just like a home inspection or sale of home. It has a certain of number of days that is in place from the date of ratification, and if it expires without the written disapproval by the 3rd party in question, the contract is assumed to be in place and moves forward. In other words, if this contingency expires, then the seller is on the hook to sell the house no matter what the bank says. Here's what is says, word for word: THIRD PARTY APPROVAL. This … (11 comments)
In Northern Virginia, our third party approval clause in a contract is actually a contingency. Just like a home inspection or sale of home. It has a certain of number of days that is in place from the date of ratification, and if it expires without the written disapproval by the 3rd party in question, the contract is assumed to be in place and moves forward. In other words, if this contingency expires, then the seller is on the hook to sell the house no matter what the bank says. Here's what is says, word for word:
;)
;)
;)
