RIS Media
APRIL 8, 2022
The title search reveals issues. Whenever you’re purchasing real estate, a title search is one of the standard boxes that must be checked. The title needs to be clean. If you put an offer on a property marked contingent, you could be the next buyer should the current contract fall through. It depends.
Realty Biz
NOVEMBER 11, 2020
One of the standard contingencies in nearly all real estate contracts is delivering a clear title. A few things that ensure this happening are a title search to ensure there are no liens or other title problems, putting a cloud on the title. In real estate jargon, this is referred to as a “backup offer.”
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HomeLight
DECEMBER 31, 2020
Line up backup offers to hedge your risk. This creates the perfect opportunity for sellers to line up a backup offer from another buyer that only comes into effect if the original pending sale falls through. A great agent will also help you hold buyers accountable to their contract deadlines to keep escrow on track.
Windemere Buying
JUNE 22, 2022
It means the seller has accepted an offer and there’s a good chance the deal will go through, but because the sale is not yet final, the property is technically not off the table. Other interested buyers will make backup offers in case the first offer falls through. Now you’re ready to close!
HomeLight
JANUARY 13, 2022
In other words, the primary deal on an active contingent listing might (maybe) fall through, causing sellers to place their home back on the market — or accept a backup offer. “I Title contingencies. A title is the legal right to own a property. Common types of contingencies. Source: (Melody Ayres-Griffiths / Unsplash).
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