Contracts
In Oklahoma real estate, an 'escape clause' or 'kick-out clause' in a purchase contract allows:
AThe buyer to escape the contract for any reason
BThe seller to accept another offer if the buyer's contingency is not removed within a set period✓ Correct
CThe agent to terminate the listing agreement
DThe lender to call the loan due
Explanation
A kick-out clause allows the seller to continue marketing the property while under contract with a buyer who has a contingency (e.g.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
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