Other Definitions

Created by Wendy Alley, Modified on Tue, 01 Aug 2023 at 01:55 PM by Wendy Alley

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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