Home Selling Tools- Explaining The Kick-Out Clause
Have you received an offer from a buyer to purchase your property, but you don't have a warm fuzzy feeling about the terms of the buyer's offer? Consider utilizing a "Kick-Out Clause."
Let's look at a real world example: You put your home on the market and immediately receive a full price offer from a buyer. The only problem? The buyer's offer is subject to them selling their current home, prior to purchasing yours. You may want to consider accepting the offer and adding a Kick-Out Clause to the buyer's offer; meaning that if another buyer comes along with a better offer for your place, that the current buyer can be kicked-out.
The seller still has the ability to market their home for sale. If another buyer comes along with a better offer, then the current buyer would need to remove the contingency outlined in the Kick-Out Clause (in this example, the current buyer would need to demonstrate the ability to purchase your home without having to sell their current home.)
This is just one example of using a Kick-Out Clause when selling a property. Are you thinking of selling your Maine property in 2022? Contact us about your real estate goals.