Contracts
A Wisconsin buyer who includes a 'kick-out clause' (right of first refusal) in their offer with a home sale contingency allows the seller to:
AImmediately void the first offer without notice
BContinue marketing the property and, if another offer comes in, give the buyer notice to remove their contingency or be kicked out✓ Correct
CSell to any buyer at any time
DRequire the buyer to close without their home selling
Explanation
A kick-out clause allows the seller to continue marketing; if a competing offer is received, the seller notifies the contingent buyer who then has a specified time to waive the contingency or lose the deal.
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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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
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