There are so many little things that contribute to the Residential Purchase Agreement contract. We now know what contingencies are and what purpose they serve....So what happens if a buyer doesn't remove their contingencies? What can the seller do?
Well, that is what the 2 day notice to perform is for. If a buyer has not removed their contingencies, a seller can serve them this notice. This notice means that if they do not remove their contingencies within 2 days, the seller has the RIGHT to cancel.
This is just one example of how it is used. It can be used by both parties for a number of reasons. However, contingencies that are due to be removed is the most caused reason for serving a 2 day notice to perform.
See what a contingency means below:
What is a "Contingency" in a Contract? PT 1
https://homesbyhenson.net/blog/post/1185161
What is a "Contingency" in a Contract? PT 2
https://homesbyhenson.net/blog/post/1383957
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Hi, we're Chantel Henson and Betty Stringer and we'd love to assist you. We are a mother-daughter team, committed to assisting you with your Real Estate needs! Providing you with Local Real Estate updates and advice for Monterey, Santa Cruz, Santa Clara, & San Benito County's real estate market for over 24 years.
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Chantel Henson & Betty Stringer
Broker/Owner & Broker Associate
Realtors®
DRE # 01271580 & 02042438
[email protected]
VANCO Real Estate Executives
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***Disclaimer- A Realtor has a fiduciary duty to Buyers and Sellers individually. Our goal is to have a strong knowledge base of contracts. However, we are not Real Estate attorneys. Please contact a Real Estate attorney for more information about how to protect yourself from liability and Real Estate contracts affect you and your situation directly.***
