Contracts
A Washington seller and buyer enter into a purchase agreement with a home sale contingency. The seller receives a second offer and issues a notice to perform under the bump clause. The buyer has 3 business days to:
ARaise their offer price to match the second offer
BRemove the home sale contingency or the original contract terminates✓ Correct
CNegotiate new terms with the seller
DFile a complaint with the DOL to stop the bump
Explanation
Under a bump clause, when the seller receives a better offer, they notify the first buyer who then has a specified period (usually 72 hours or 3 business days) to waive or remove the contingency and proceed unconditionally, or the contract terminates.
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