Zoning Contingency. If the buyer needs permitting before purchasing the property. For example, the buyer needs to get approval to put a restaurant on the property before it can purchase. The buyer may enter any type of contingency to accommodate their needs and with the consent of the seller. Environmental Contingency – More common for retail properties, soil and environmental testing will need to be completed (known as a “Phase 1 Environmental Assessment”). Step 5 – The Closing The closing is when the parties meet and the financial transaction is completed. This is commonly done at a lawyer’s office or title company that handles the required documents and verifies the funds have been sent and received while administering the new deed. If there are any real estate agents, they will be owed their commission as written in their listing agreement. After the closing, the seller will have been paid-in-full, with the buyer receiving the title that will be filed by the buyer or handed off to their attorney to be filed with the Registry of Deeds. Environmental Contingency – More common for retail properties, soil and environmental testing will need to be completed (known as a “Phase 1 Environmental Assessment”). Step 6 – Filing the Deed If the property is in a registered county, there should be a recorder or registry of deeds office where all the local property records are located. If you choose to file the deed there may be a transfer or sales tax (should have been administered during the closing) along with the buyer being required to sign the deed in the presence of a notary. After the deed has been filed and accepted the property is in the name of the buyer. What is a 1031 Exchange? A 1031 exchange specifically refers to the Internal Revenue Code (IRC) Section 1031 that allows an owner of real estate to sell their property and not pay any tax if they purchase a “like-kind” property after the closing. What does “Like-Kind” mean? According to IRC 1.1031(a)-1(b) “like-kind” is more of the “nature” and “character” of the property than its grade or quality. For example, if the property sold is a 4-unit apartment building then most likely under a 1031 exchange the seller will be required to buy residential housing. The two (2) properties must have generic similarities. Required Time Periods (After the Closing Date) 45 Days – The seller must identify the property they want to purchase. 180 Days – The seller must have completed the purchase of the property. IRS Definition 26 CFR § 1.1031...
Zoning Contingency. This Agreement is subject to Purchaser obtaining all zoning approvals and other approvals, including the issuance of building permit from all government agencies having jurisdiction to construct the improvements substantially incompliance with the Cash Equivalency Consideration and the Project as defined in Section 1(b) above. Purchaser agrees to make application for said Xxxxxx Approvals within sixty (60) days after expiration of the Due Diligence Contingency. The acceptability of such approvals and conditions shall be in the sole discretion of the Purchaser. In the event Purchaser has not received all such approvals and permits necessary for construction of the improvements with the expiration of all appeal periods one hundred and twenty (120) days after filing of applications, Purchaser may terminate this Agreement with the Seller returning the Cash Deposit to Purchaser and the parties release of all liability each to the other hereafter and this Agreement shall be null and void. Seller agrees to be co-applicant with the Purchaser on all applications contemplated herein and to suppress said applications. Under no circumstances shall Seller reimburse Purchaser for its Due Diligence, Financing or Zoning Approval expenses Purchaser shall have the right to extend the Zoning Contingency until decisions have been rendered for all applications and all appeal periods have lapsed. [Signatures on following page]
Zoning Contingency. Buyer shall until the Feasibility Expiration Date the following date: (the “Zoning Deadline”) to obtain the necessary zoning and land use permits and approvals for Buyer’s intended use of the Property, in Buyer’s sole discretion (the “Permits”). Buyer shall have the right to terminate this Agreement on or prior to 5:00 pm, Property-local time on the Zoning Deadline in the event Buyer is unable to obtain such Permits, in which event Buyer shall receive a full refund of any Deposit.
Zoning Contingency. If the buyer needs permitting before purchasing the property. For example, the buyer needs to get approval to put a restaurant on the property before it can purchase. The buyer may enter any type of contingency to accommodate their needs and with the consent of the seller. Environmental Contingency – More common for retail properties, soil and environmental testing will need to be completed (known as a “Phase 1 Environmental Assessment”). Step 5 – The Closing The closing is when the parties meet and the financial transaction is completed. This is commonly done at a lawyer’s office or title company that handles the required documents and verifies the funds have been sent and received while administering the new deed. If there are any real estate agents, they will be owed their commission as written in their listing agreement. After the closing, the seller will have been paid-in-full, with the buyer receiving the title that will be filed by the buyer or handed off to their attorney to be filed with the Registry of Deeds.
Zoning Contingency. 8.1.1 Seller understands that Purchaser desires to develop a mixed-use project consisting of a minimum of 10,000 square feet of retail floor space and multi-family residential apartment project and related amenities on the Property, consistent with Purchaser’s response to the request for proposals published by the City of Gainesville, (collectively, “Purchaser’s Proposed Project”), and that modification of the current zoning of the Property and a PUD amendment will be required in order to accommodate Purchaser’s Proposed Project. Accordingly, notwithstanding anything to the contrary provided in this Agreement, the obligations of Purchaser under this Agreement are expressly contingent upon and subject to the “Final Rezoning” of the Property (the “Zoning Contingency”). As used herein, Final Rezoning shall mean (i) the rezoning of the Property, subject only to conditions acceptable to Purchaser in Purchaser’s sole discretion, to a zoning designation that will allow Purchaser to develop Purchaser’s Proposed Project on the Property, (ii) the issuance of any other land use and zoning approvals, whether by variance (administrative or otherwise), special use permit, or otherwise, which are necessary for the development of Purchaser’s Proposed Project on the Property, including, without limitation, the issuance of the PUD amendment, and (iii) the expiration of any period during which an appeal to such rezoning or other approvals may be filed or, if any such appeal is filed, the final dismissal or resolution of such appeal in favor of Purchaser’s Proposed Project. Seller shall apply for the aforesaid rezoning within ninety (90) days after the Effective Date, and shall diligently and in good faith pursue the rezoning of the Property in accordance with the foregoing terms. Purchaser shall approve such rezoning application and any materials submitted to governmental authorities in connection with obtaining the Final Rezoning, and Seller shall permit Purchaser to participate in the rezoning process. Purchaser shall have the right to have a representative present at all hearings, meetings or proceedings held in connection with obtaining the Final Rezoning.
Zoning Contingency. This Agreement is contingent upon Buyer, at Xxxxx's expense, obtaining a variance or other zoning approval (the “Zoning Approval”) from the City of Erie Zoning Hearing Board (“ZHB”) permitting indoor storage at the Property. Buyer shall file an application with the ZHB within 5 business days of the Effective Date. In the event the Buyer is unable to obtain the Zoning Approval within 45 days of the Effective Date (the “Zoning Approval Period”), Buyer may terminate this Agreement without penalty by written notice to Seller. Buyer’s failure to terminate this Agreement by written notice to Seller prior to the expiration of the Zoning Approval Period shall be deemed a waiver of the zoning contingency.
Zoning Contingency. (a) The obligation of Buyer to complete Settlement shall be conditioned and contingent upon Buyer obtaining, upon the terms and conditions set forth in this Section 21, the reclassification of the Real Property from its present zoning classification to an AHS Apartment House Special District zoning classification, pursuant to an ordinance (the “Zoning Ordinance”) of the legislative governing body of the Township Of Upper Dublin (the “Governing Body”), to be duly adopted in accordance with the Zoning Code of the Township Upper Dublin, and the lapse of such period following the date of such adoption as shall preclude the appeal thereof by the citizens of the Township of Upper Dublin (the “Zoning Contingency).
Zoning Contingency. If the buyer needs permitting before purchasing the property.
Zoning Contingency. Landlord and Tenant acknowledge that the current "zoning" for the Property does not permit a bank to operate from the Premises. Landlord has filed a zoning application to rezone the Property to permit a bank. If such rezoning is not accomplished by February 7, 1998, then Tenant shall have the right to terminate this Lease by notice to Landlord received not later than February 11, 1998. If this Lease is terminated as provided in this section, then Tenant shall be responsible to pay to its contractors all costs and expenses of the Tenant Improvements in place at such time without reimbursement from Landlord for the Tenant Allowance. The foregoing notwithstanding, if Tenant's actual hard costs for construction to date of termination equal or exceed $500,000.00, Landlord shall reimburse Tenant the amount of $100,000.00.
Zoning Contingency. Buyer acknowledges and agrees that the Seller is in the process of seeking certain zoning approvals that are required in order to develop the Condominium in the manner described in the Condominium Documents. Seller has not obtained all required approvals as of the date of this Agreement. Therefore, Buyer acknowledges and agrees that Seller's obligation to perform under this Agreement is conditioned upon Seller obtaining all required zoning approvals and permits. In the event that Seller is not able to obtain such approvals, then Seller reserves the right to terminate this Agreement by providing written notice to Buyer. In such event, Buyer shall be entitled to a full refund of the Deposit and this Agreement shall be terminated and of no further force and effect.
