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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 ...
According to a study from real estate data company ATTOM, all cash-purchases accounted for 36.6 percent of all U.S. home sales in the third quarter of 2023 alone.
ROFR: Abe owns a house and Bo offers to buy that house for $1 million. However, Carl holds a right of first refusal to purchase the house. Therefore, before Abe can sell the house to Bo, he must first offer it to Carl for the $1 million that Bo is willing to buy it for. If Carl accepts, he buys the house instead of Bo.
A set of heads of agreement, heads of terms, or letter of intent is a non-binding document outlining the main issues relevant to a tentative sale, partnership, or other agreement. [ 1 ] A heads of agreement document will only be enforceable when it is adopted into a parent contract and is subsequently agreed upon, unless otherwise stated.
A standard real estate contract typically comes with a number of contingencies — these are the conditions that must be met in order for you to move forward with a home purchase. This includes a ...
When making an offer on a house, buyers typically submit what’s called an earnest money deposit as a show of good faith. This deposit, usually ranging from 1% to 3% of the purchase price, is ...
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