Contingent on Close
An addendum giving a buyer a specified amount of time to sell and settle their existing home in order to finance the new one.
Right of First Refusal
An addendum giving a party contractual right to be first in line when purchasing a property. ROFR addendum obligates a seller to contact the rights holder with the option to purchase the property before they can accept an alternate offer.
Waterfront
Property that includes ownership of area of land which is immediately adjacent to the water and has direct access to a natural or manmade waterway. Condominiums that have shared areas on the water are all considered waterfront.
Waterview
Property where water can be viewed without extraordinary measures.
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