Definition of legislative. 1  1a : having the power or performing the function of legislatingb : belonging to the branch of government that is charged with such powers as making laws, levying and collecting taxes, and making financial appropriations â compare executive, judicial.
The purchase agreement is contingent on the buyer's approval of this report and any other matters affecting the title. The preliminary title report lists liens and other encumbrances on the property, as well as any defects in the seller's chain of title discovered during the title search.
Once a purchase contract has been submitted by a buyer and signed by the seller, it is considered a binding contract. The next step is where the different MLS organizations vary. On a fair market sale, the word contingent means an offer has been accepted and the sale has entered the contingency period. In California, buyers and sellers of fair market properties have 17 days to clear all contingencies, including financing commitments, inspections and disclosures.