Contracts
A 'kick-out clause' (release clause) in a Nebraska purchase agreement allows the seller to:
AReject any offer without giving a reason
BContinue marketing and accept another offer if the buyer's contingency is not removed within a specified time✓ Correct
CKick the buyer out of the property immediately upon default
DReduce the purchase price if the appraisal comes in low
Explanation
A kick-out (or release) clause lets the seller continue marketing the property and, upon receiving another acceptable offer, gives the original buyer a specified time to remove contingencies or be released from the contract.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
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