Contracts
A Florida seller includes a clause in the listing that they have the right to cancel the listing with 30 days' notice. This is known as a:
AKickout clause
BSeller's right to cancel or 'walk away' provision✓ Correct
CAutomatic extension clause
DProcuring cause provision
Explanation
A seller's right to cancel clause (sometimes called a 'bail-out' provision) allows the seller to cancel the listing agreement upon giving the broker a specified notice period. This gives sellers flexibility but may affect the broker's protection for procuring cause.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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.
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