Contingency Removal Process
Contingency Removal Process
[Label each CR-B [Contingency Removal] form sequentially – #1, #2, etc]
- If you use paragraph 2, check the applicable contingencies being removed. Better to use Paragraph 3 – ALL except _____.
- Use the CR form to check Paragraph 3 to indicate ALL contingencies except:
- Check appropriate boxes.
- Always do a “final” CR form to check Paragraph 4 removing ALL contingencies so that Buyer understands what this means [see following paragraph after 4.]
- Once all contingencies are removed, whether or not Buyer has satisfied him/herself regarding all contingencies or received any information relating to those contingencies, Buyer may not be entitled to a return of Buyer’s deposit if Buyer does not close escrow. This could happen even if, for example, Buyer does not approve of some aspect of the Property or lender does not approve Buyer’s loan.
- Seller Removal of Seller Contingencies is a separate form.
- This area is to be used ONLY if there are any “Seller” contingencies to be removed: i.e. “Seller finding home of choice.” This is very rare and this area is not the be used for Seller to indicate Confirmation of Receipt.