Mercedes Premier - FAQ - Frequently Asked Questions
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What is a Contigency?
A person who has a house or a business for sale in the real estate listings can expect the buyer to provide in the contract that closing is contingent upon certain events happening or facts being true. For example, the buyer may make the closing on the house for sale contingent upon the buyer getting a mortgage. The closing may be contingent upon the home passing the home inspection checklist prepared by the buyer. A business for sale closing may be contingent on the property passing an environmental inspection. For example, a mansion for sale or other house for sale would be contingent on the property appraising for the sale price.
How does an Easement work?
An easement is a non-possessory interest in real property that allows one party (not the owner) to use or cross over, the owner's property. An example of common easements often granted are: driveway easements (where one party will grant a second party the right to drive over their property to reach a second parcel) and utility easements (that allow utilities to run utility lines, such as electric or gas lines over the property owned and possessed by others).
What is a Counteroffer?
The act of responding to an offer with a new offer. Presenting a counteroffer acts as a rejection of the offer that has been made to you. A counteroffer regarding the purchase of real estate often involves accepting the terms of the base offer and presenting an alternate price.