Question and Answer Regarding Contingencies


Question: I am a selling agent and my buyer has signed the Contingency for Sale or Purchase of Other Property form (“COP”). When does the inspection contingency time start running?

Answer: The contingency time frame begins running upon one of the following:

1. Delivery of escrow evidence - this is a copy of a contract, escrow instructions and related documents showing that a buyers’ property is in escrow;

2. Buyer’s election in writing to begin the time frame; or

3. Buyer’s removal of the contingency.

-Shannon B. Jones, Partner, sbj@sbj-law.com

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