Contracts
A Wyoming contract includes a 'kick-out clause.' This allows the seller to:
ACancel the contract if the buyer fails to remove contingencies after receiving another acceptable offer✓ Correct
BEvict the buyer after closing
CIncrease the purchase price after acceptance
DRefuse to close if property values decline
Explanation
A kick-out clause (or release clause) allows a seller who has accepted a contingent offer to continue marketing. If the seller receives another acceptable offer, the original buyer is given notice and a short time to remove contingencies or the seller may 'kick out' the first buyer and accept the new offer.
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Key Terms to Know
Option Contract
A 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.
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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