Buying a home or a Colorado Springs real estate property is one of the most important events in ones life. Owning a home gives you the confidence and ensures the safety of you and your beloved family. There are a large number of Colorado Springs new homes for sale in the market. The entire process of buying a new home can be tedious and at times daunting, especially for the first timers.
Any real estate transaction is always accompanied by a real estate sale contract. One of the important clauses in a typical real estate sale contract is the 72-hour clause. It is also known as an escape clause, release clause, kick-out clause, hedge clause or right of first refusal clause. This clause is a seller contingency that allows the seller to accept a buyer's contingent offer to purchase his/her property, while allowing the seller to continue to market the property.
If the seller gets another better offer to purchase the said property, the seller can accept this offer as a backup offer. The seller can then enforce the 72-hour clause by notifying the original buyer about the backup offer.
Under such conditions, the first buyer has a specified period of time to fulfill all the buyer contingencies in the contract of sale, or cancel the contract and lose the property. If he/she cannot fulfill the contingencies in time, the original contract will cancel and the back-up offer will move into first position.
Many who put up their homes for sale in Colorado Springs, often include the 72-hour clause in the contract. It you have any doubts about the contract that you are entering in, you may contact a Colorado Springs REALTOR to understand the implications of such a clause.
The term 72-hour clause can be somewhat misleading, because the notice period within which the buyer must fulfill the buyer contingencies can be negotiated. The effective notice period may therefore be longer or shorter than 72 hours. Further ambiguities arise if the 72 hours were only considered counted on business working days, excluding weekends and legal holidays.
You may contact Mike Stuard to find out about this clause in your contract while you plan to buy or sell a Colorado Springs commercial real estate.
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