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A 72-hour clause, typically inserted in real estate sale contracts, is also known as an escape clause, release clause, kick-out clause, hedge clause or right of first refusal clause. [ 1 ] The 72-hour clause is a seller contingency which allows the seller to accept a buyer's contingent offer to purchase his/her property, while allowing the ...
Key takeaways. It's possible to back out of an accepted home offer, but there could be consequences if you're not careful. Building the right contingency clauses into the contract upfront makes it ...
72-hour kick out contingency - Seller contingency, in which the seller accepts a contract from a buyer with a contingency (typically a home sale or rent contingency where the buyer conditions the sale on their ability to find a buyer or renter for their current property prior to settlement). The seller retains the right to sell the property to ...
A contingent contract is an agreement that states which actions under certain conditions will result in specific outcomes. [1] Contingent contracts usually occur when negotiating parties fail to reach an agreement. The contract is characterized as "contingent" because the terms are not final and are based on certain events or conditions ...
An exit clause is a form of condition subsequent that can serve as a form of insurance for the party to whom it applies. [ 4 ] In contract law , a contract may be frustrated on the occurrence of a condition subsequent: in a contract to provide a music hall for a musical performance, the burning down of the music hall may frustrate the contract ...
Category:Contract clauses concerns specific clauses in legal contracts. ... out of 54 total. This list may not reflect recent changes. 0–9. 72-hour clause; A.
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