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Contingencies in Purchase and Sale Contracts

  In real estate terminology a contingency is a part of a real estate contract that essentially provides the buyer with a contingency or condition that allows the buyer to back out of the contract without penalty for a certain limited period of time during escrow. Another way to think of the role of a contingency is that the buyer submits an offer to buy the property contingent upon certain conditions being met. If those conditions are not met, then the buyer can cancel the contract. In a typical real estate contract in California, a buyer will submit an offer to purchase real property contingent upon the property appraising at the contract price, the buyer obtaining a loan from a commercial bank at a certain

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Posted in Contingencies, Contract/ Agreement Revision, Purchase and Sale, Real Estate Attorney Los Angeles

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Zachary D. Schorr has been named to the Southern California Super Lawyers (Rising Stars) list for attorneys in Real Estate for 5 straight years - 2012, 2013, 2014, 2015 and 2016. Each year, no more than 2.5 percent of the lawyers in the state receive this honor. In 2016 he was also included as one of the top 100 lawyers in Southern California in this category. The selection for this respected list is made by the research team at Super Lawyers.

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