Contracts
TREC's Addendum for Sale of Other Property by Buyer allows the buyer to make the purchase contingent on the sale of their current home. If the seller receives another acceptable offer during this contingency period, the buyer typically has:
ANo rights under the contingency addendum
BA specified period (often 72 hours) to remove the contingency or the contract terminates✓ Correct
C30 days to sell their current home
DAn automatic extension of the option period
Explanation
TREC's Addendum for Sale of Other Property by Buyer includes a 'kick-out' or 'first right of refusal' provision. If the seller receives another acceptable offer, the buyer has a specified notice period (typically 72 hours) to either waive the contingency and proceed or terminate the contract and receive the earnest money back.
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