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.
These days, you don't have the mortgage until the bank funds the loan. Most real estate contracts include contingency clauses. These are statements indicating the sale is conditional on something else happening. One of the most common contingencies is for a mortgage. The contract allows a limited amount of time for the buyers to be approved for a mortgage in order to buy the property.