 Posted 3/25/2008 4:04:16 PM
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Has anyone ever heard of a 'kick back' clause? I wanted to know if there was a way to deal with a buyer with a contingency of selling their home, and if in the meantime...we received another viable offer that we would want to accept. I was told this kick back clause forced the original buyers to go to contract within 48 hours, and if they couldn't...we could accept the 2nd offer.
Anyone know if this is valid? Is this something we would put as our terms in a counter offer or acceptance of an offer? Also, at what point do you get a lawyer involved if you are only dealing with a buyers agent?
Thank you!
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Posted 4/8/2008 11:47:54 AM
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IIt is a Kick Out Clause. That means that if the Buyer #1 has contingencies such as a home to sell or financing contingencies that will not allow them to move forward until each contingency is met...Buyer #2 has none or less contingencies, and you the Seller are considering to accept Buyer #2's offer. You must give Buyer #1 notice of your intent asap in writing. This allows Buyer #1 the opportunity to backout or drop contingencies.
Good Luck!
Also, best to contact a Title Company or an Attorney to assist you with these terms.
Venus Jackson
Long & Foster Real Estate, Inc.
North East, MD 21901
(443) 907-7849
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