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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 ...
Privately, real estate agents call them "weasel clauses" because they allow buyers to cancel a contract without paying a penalty and with a refund of their earnest money deposit.
Real estate contingency. A clause in a purchase agreement that gives buyers and sellers the right to cancel a contract if certain terms aren't met. For example, a mortgage contingency requires the ...
Contingencies could also be made on the satisfactory repair of a certain item associated with the real estate. Another sale contingency – Purchase or sale of the real estate is contingent on a successful sale or purchase of another piece of real estate. The successful sale of another house may be needed to finance the purchase of a new one.
Common real estate contingencies can hinge on financing, appraisal, home inspection and more. • It’s not unusual for sellers to make a counteroffer. You can respond if you wish to keep ...
The seller, often in concurrence with the real estate agent, may choose to accept an offer that is lower than the highest offer for various reasons, such as terms or contingencies in the purchase contract offered or perceived differences in financial qualification of the competing buyers.
A conditional sale is a real estate transaction where the parties have set conditions. [1] [2] A standard real estate transaction usually begins when a prospective purchaser submits an offer to purchase to the vendor of a property. As in a standard offer, a conditional offer sets out the terms of the sale such as the purchase price, the date of ...
Technically, you do not: Homebuyers are not required to use a real estate agent. But it is usually a good idea — and especially so in the case of a FSBO transaction. ... For example, many offers ...