Contracts
A Vermont purchase contract with a 'kick-out clause' allows the seller to:
AReject any offer below asking price
BContinue marketing the property and 'kick out' a contingent buyer if a better offer arrives✓ Correct
CExtend the closing date unilaterally
DReduce the buyer's earnest money deposit
Explanation
A kick-out clause allows the seller to continue marketing the property even after accepting a contingent offer. If a non-contingent offer comes in, the seller may give the contingent buyer a short period to remove contingencies or be kicked out.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
ContingencyA 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.
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