Contracts
Which clause in a purchase contract gives the seller the right to continue showing the property while a contingency is pending?
AAs-is clause
BKick-out clause✓ Correct
CMerger clause
DEscalation clause
Explanation
A kick-out (right of first refusal or release) clause allows the seller to continue marketing the property while a contingency (like a home sale contingency) is pending. If a better offer comes in, the first buyer must remove their contingency or the seller can accept the new offer.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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