Contracts
A Virginia buyer makes an offer contingent on the sale of their current home. The seller accepts with a 48-hour kick-out provision. A second buyer makes an offer. The seller notifies the first buyer. The first buyer has 48 hours to:
AIncrease their offer price
BWaive the home sale contingency or release the seller to proceed with the second offer✓ Correct
CExtend the kick-out to 30 days
DReport the situation to VREB
Explanation
Under the kick-out provision, when the seller accepts another offer, the original buyer must choose to waive their contingency (and proceed to close without selling their home first) or release the contract within 48 hours.
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