What does SCE mean in real estate?

And as a buyer, if you see a property that is marked “SCE” on MLS, for “sold conditionally w/escape,” you can choose to make an offer on the property with the above condition, and if your offer is accepted, the seller will then exercise his or her escape clause, and the buyer may or may not firm up.

What is the abbreviation for real estate agent?

REALTOR®: Real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics, which is based on professionalism and protection of the public. REBAC (Real Estate Buyer’s Agent Council): Large association focused specifically on representing the real estate buyer.

What is sold conditionally escape clause?

Typically, an escape clause would require you (the seller) to notify the first buyer, by way of written notice, that you have entered into a second agreement to sell the property to another buyer, and that they have a set period of time – 48 hours, for example – to waive or fulfil the conditions in their agreement, or …

What does wth stand for in real estate?

WTH Withdrawn: Based on the terms agreed to between the Seller and the Listing Broker in the “Termination of Listing Form” (TAR Form 1410) the property is no longer available for showings. Due to the conditions of the “Termination Form” the property cannot be re-listed with another broker.

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What does contingent escape mean in real estate?

Contingency escape clauses give buyers the time they need without infringing on the seller’s ability to sell to another qualified buyer. For more details on home purchase contingency clauses, consult a real estate attorney.

What is a 48 hour clause?

The ’48 hour clause’, now more properly known as the ‘two business day condition’ is a separate issue that buyers might come across. … This clause gives the seller the right to continue advertising their property and to negotiate with a possible second buyer.

What does sold firm mean?

Firm Offers

The words every seller loves to hear and a Realtor® loves to report: Sold Firm! When your home is sold ‘firm’, it means more than a firm handshake promise: it means that the buyer is prepared, and legally obligated, to purchase your house or condo outright, without any conditions.

Is an escape clause a contingency?

contingency clause, also known as an escape or weasel clause. This is necessary for the buyer`s protection but sellers should be careful not to give their buyer complete control of the transaction.

What is a mortgage escape clause?

The mandatory escape clause states that a home buyer does not have to follow through with a purchase if the VA appraisal comes in lower than the asking price for the home. … In other words, the home buyer is allowed to back out of the purchase without incurring any type of penalty, whatsoever.

What is real estate contingency?

“Contingent” in any sense means “depending on certain circumstances.” In real estate, when a house is listed as contingent, it means that an offer has been made and accepted, but before the deal is complete, some additional criteria must be met.

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