Contracts
Which clause in a West Virginia purchase contract allows the seller to continue marketing the property and accept a better offer if the current buyer's contingencies are not met?
AEscalation clause
BRight of first refusal clause
CKick-out clause✓ Correct
DRelease clause
Explanation
A kick-out clause allows the seller to continue marketing the property and accept another offer, giving the original buyer notice and a short period to remove contingencies or withdraw.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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