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What is a 72 kick out clause?

A kick-out clause is a type of contingency, or a condition that must be met in order to go through with a sale, in the purchase agreement. Sellers may be able to give the buyer a certain amount of time usually 72 hours to drop the contingency and proceed with the sale.

What does a bump clause mean?

Bump clauses allow the seller to bump a preexisting, contingent offer out of first position in the event that the seller receives a second, non-contingent offer and the maker of the first offer cannot remove one or more of their contingencies in a specified amount of time.

What does 72 hour right of refusal mean?

The buyer now has 72 hours to remove the contingency to sell the buyers existing home. If the buyer does not remove the contingency to sell, usually the seller has the right to demand cancelation of a contract and refund the earnest money deposit to the buyer.

What is a 3 day bump clause?

The bump clause allows the seller to accept another offer, so long as the seller notifies the original buyers and sees if they will waive their contingency. If not, the buyer accepts the new offer and the first buyer receives the payment they put down.

How does the 72-hour clause work?

The 72-hour clause is a seller contingency which allows the seller to accept a buyers contingent offer to purchase his/her property, while allowing the seller to continue to market the property.

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