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The document is a '72 Hour Clause Addendum' to a Deed of Sale, allowing the purchaser to make an offer contingent upon the sale of their property. It requires the seller to notify the purchaser of any other bona fide offers received, granting the purchaser 72 hours to decide whether to waive this condition and finalize the agreement. If the purchaser does not waive within this timeframe, the agreement becomes void.

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What is the 72 hour occurrence clause?

Understanding the 72-Hour Clause in Fire Insurance It states that any loss of or damage to the insured property arising from a single fire peril during the period of 72 consecutive hours shall be deemed as a single event and therefore subject to one deductible and one claim limit.

What is the 72 hour contract rule?

The 72-hour cancellation policy allows consumers a cooling-off period to cancel certain contracts without penalties. Federal and state laws, including the FTC Cooling-Off Rule, provide consumer protection for specific purchases, like home improvement loans and door-to-door sales.

What is an example of a 72 hour kick-out clause?

Heres an example: Lets say a buyer puts down an offer for $160,000 on a home and another buyer comes along a week later and offers $190,000 instead. If a 72-hour clause has been written into the contract, the original buyer now has 72 hours to make a better offer than $190,000.

How does a 72 hour contingency work?

The 72 hour clause is usually written into sales contracts by the seller, this allows a seller to keep the home on the market and accept backup offers on the property during. This clause is also commonly known as the escape clause, release clause, kick-out clause, hedge cause or right of first refusal clause.

What does a 72 hour notice mean?

Also called a release clause, the 72-hour clause is typically written into sales contracts by the seller. With a 72-hour clause in the contract, a seller is able to keep the home on the market and accept backup offers on the property.

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How does a 72-hour clause work?

This clause allows a seller to continue marketing and accepting offers on their property even after they have accepted an initial offer, with the condition that the original buyer has a specified amount of time, typically 72 hours, to remove or waive any contingencies and proceed with the purchase.

72 hour clause 2025

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