| A real estate sale is usually initiated
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| | been brought up by inspections. It is
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| by an offer from the buyer to the seller,
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| | crucial to get inspections done, deliver
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| written on a real estate contract form,
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| | repair requests, and negotiate contract
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| and backed by a monetary deposit. If the
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| | amendments, or, if necessary, terminate
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| seller accepts the offer, the buyer and
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| | the contract, all within the time
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| the seller are bound by a legally binding
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| | guidelines set by the
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| contract. While the forms vary by
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| | contract.Contingency for Sale of Other
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| locality, the essential terms include the
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| | PropertyIn some cases the buyer may have
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| offer amount, legal description, names of
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| | a contingency for the sale of a certain
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| the parties, and date of closing. In
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| | property, usually the buyer's current
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| addition to these terms, the contract
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| | home. If this property does not close by
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| interweaves numerous contingencies,
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| | a certain date, the buyer may have to
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| disclosures of information, and
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| | terminate. As with other termination
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| procedures that dictate responsibilities
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| | procedures, giving notice to the seller
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| of buyer and seller. The contract is the
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| | within the required time is critical. By
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| road map that takes you all the way
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| | allowing this type of contingency the
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| through to closing. It is very important
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| | seller has accepted the risk that the
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| to understand its terms and follow them
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| | contract may not close.Lead Paint
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| carefully. If it becomes necessary to
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| | ContingencyFederal law requires that
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| terminate the contract, your close
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| | sellers of homes built prior to 1978
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| adherence to contract terms and
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| | notify the buyer of any knowledge or
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| procedures is critical.Loan
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| | inspections that they may have regarding
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| ContingencyYour contract may contain a
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| | lead paint. The buyers are allowed a
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| provision that the buyer must be approved
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| | period of time to review materials and
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| for a specific mortgage loan and interest
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| | conduct their own inspections. If lead
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| rate. If the mortgage cannot be obtained
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| | paint is found, the buyer may terminate
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| within the prescribed time, the buyer may
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| | the contract within the prescribed time
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| terminate the contract and receive a
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| | frame.We have touched on the most common
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| refund of deposit. If it becomes
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| | termination clauses in standard real
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| necessary to terminate under this
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| | estate contracts in Texas. Contracts
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| contingency, you should be prepared to
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| | used in other states, or provided by
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| document that you took prompt action to
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| | builders for new homes, or written by an
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| obtain the loan, received a written
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| | attorney for a particular transaction
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| rejection, and gave notice to the seller
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| | will vary greatly in the contingencies
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| within the time limit set by the
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| | and terminations clauses included. In
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| contract.Termination based on credit
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| | addition, there may be ways to terminate
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| disapproval is likely to cause anger and
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| | your particular contract, other than
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| disappointment on the part of the seller.
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| | through contingency clauses.The important
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| The seller may feel that he has been
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| | thing to remember is that the contract of
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| misled into signing a contract with an
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| | sale is of primary importance to the real
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| unqualified buyer. When anger and strong
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| | estate transaction. If you follow the
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| emotions enter into the transaction they
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| | terms of the contract and act within time
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| may lead to difficulty in resolving the
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| | limits, you may exercise the termination
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| termination.Title and Survey
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| | rights that the contract contains. If
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| ReviewContracts usually provide a title
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| | you fail to follow the terms, most
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| review period for the buyer. The buyer
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| | contracts state that you have waived the
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| may object in writing to defects noted in
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| | right to terminate.After you have given
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| the title documents. If title defects
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| | the seller notice of termination, two
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| cannot be cured, you have the right to
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| | closely related steps must follow: The
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| terminate.In the same vein, the buyer
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| | parties must formally terminate the
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| usually has the right to review a survey
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| | contract, and the earnest money deposit
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| of the property. If construction is
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| | must be released. If the buyer and
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| found to overlap building lines, or if
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| | seller agree to the termination, their
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| there are encroachments on the property,
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| | agreement is usually formalized by
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| you may choose to terminate your
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| | signing a termination form. In Texas we
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| contract.
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| | have an "earnest money release" form
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| It is worthwhile to promptly consult an
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| | that handles both steps - it releases the
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| attorney if you have some concerns about
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| | parties from further obligations under
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| the title documents or survey. Your
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| | the contract, and instructs the escrow
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| objection to title or survey problems
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| | company to give the deposit to one party
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| must be made in writing within the time
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| | or the other. It is usually in the best
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| frame allowed by the contract.Review of
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| | interest of all parties to resolve the
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| Seller's DisclosureIn Texas, sellers
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| | earnest money and contract termination
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| (with some exceptions) are required by
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| | issues as soon as possible.If the buyer
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| law to provide a seller's disclosure
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| | and seller cannot agree that the contract
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| notice to the buyer. On this form, the
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| | is terminated, the matter could lead to
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| seller answers questions and provides
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| | prolonged negotiation and possibly,
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| information about the property. If the
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| | litigation. In most cases, it is in the
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| buyer receives the form after the
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| | seller's best interest to have formal
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| contract has been created, he may
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| | termination of the contract, freeing him
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| terminate the contract within a certain
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| | to put the property back on the market.
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| number of days after receiving the
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| | However, occasionally, even when it is
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| seller's disclosure. The receipt date of
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| | clear that the buyer has followed
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| the disclosure should be documented in
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| | contract procedures, the seller may
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| order to establish the start date of the
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| | prolong the formal termination process.
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| review period. Be careful to avoid
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| | The seller may want to receive
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| confusion about when a time period starts
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| | compensation from the buyer for the delay
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| running.Mandatory HOA ReviewIn areas
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| | in selling the property. Buyer and
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| where there is a mandatory homeowners
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| | seller may have conflicting points of
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| association, the Texas contract allows
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| | view of the issue. The non- settlement
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| the buyer a period of time to review
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| | of termination issues can result in
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| Subdivision Information. This
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| | additional time and money, and cause
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| information is normally supplied by the
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| | unwanted stress.Most buyers do not enter
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| HOA manager after the contract is
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| | a real estate contract with the intention
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| created. After receipt, the buyer has
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| | of terminating. However, buyers must not
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| the right to review the documents, and
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| | take for granted that all will go as
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| possibly terminate the contract. Again,
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| | expected. If a contingency date lapses,
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| the termination notice must be given
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| | you will lose the benefit and protection
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| within the time limits in the
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| | of the contingency. A good Realtor, in
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| contract.Inspection ContingencyContract
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| | addition to helping you find the
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| procedures to allow the buyer to conduct
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| | property, can be invaluable in helping
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| inspections of the property vary from
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| | you to meet your obligations under the
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| region to region. In some areas, the
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| | contract and, if necessary, exercise your
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| buyer may terminate if repairs exceed a
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| | right to terminate.Disclaimer: This
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| pre-agreed dollar amount, and seller
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| | article is provided as a service to the
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| declines to make the additional repairs.
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| | public. Nothing in this article is
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| In Texas, the buyer is allowed an "option
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| | intended to serve as legal advice, or as
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| period," during which time he has the
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| | a substitute for legal advice tailored to
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| unrestricted right to terminate the
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| | your specific situation and jurisdiction.
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| contract. Inspections are done within
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| | If you have a question about an issue
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| the option period.Inspection issues are
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| | discussed in this article, you should
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| the most common reason for contract
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| | consult an attorney directly.Roselind
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| termination. During the inspection
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| | Hejl is a Realtor with Coldwell Banker
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| period, there is usually some
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| | United in Austin, Texas. Her website -
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| re-negotiation of the price or terms in
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| | - offers homes for sale, market trends,
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| order to resolve repair issues that have
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| | buyer and seller guides.
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