It may be difficult to find a seller who's willing to accept anoffer that's contingent on the sale of your current home. But, if youdo, the seller is likely to want a release clause in the purchasecontract.
A release clause--also called an "escape" or "kick-out" clause--is a clause in a purchase contract that allows one party to withdrawunder certain circumstances.
From the seller's perspective, an offer that's contingent on thesale of another property is risky. If the buyer's home doesn't sell,the seller's home goes back on the market.
When a release clause is included in the contract, the sellers cancontinue to market their home. If they receive another …
No comments:
Post a Comment