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Real Estate Contracts >Contingency Sale
Sellers may be reluctant to accept an offer that is contingent on the sale of another property. However, such a sale can be structured to minimize the risks.
The seller should put a limit on the amount of time that the buyers have to accept an offer, and they should keep their home on the market during that time. They should also reserve the right to require that any contingencies be met within a short period of time, ideally 24 to 48 hours, if they get a second offer. This is called a "First Right" contingency.
Contingent sales can work well for the sellers. The buyer is not in a position to ask for concessions on price or terms and may be able to get interim financing. Each situation is different, however, so go over the terms with your real estate agent before accepting a contingent offer.
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| Q |
What is the world's longest frontier?
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| A |
At 3,987 kilometers (3,987 miles), the border between Canada and the U.S. is the longest in the world. |
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Lindsay Smith RE/MAX Jazz Inc. 21 Drew Street Oshawa, ON L1H 4Z7 905-434-5222 Toll Free: 1-888-732-1600 Fax: 905-436-1745 lindsay@soldbylindsay.com
Negotiating for over 2 decades means having gained experience from many difficult and challenging situations. I bring this experience with me to help you achieve a better price. I am continually negotiating with sales reps with lesser experience which gives my clients the opportunity to sell higher or buy lower.
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