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A 72-hour clause, typically inserted in real estate sale contracts, is also known as an escape clause, release clause, kick-out clause, hedge clause or right of first refusal clause. [ 1 ] The 72-hour clause is a seller contingency which allows the seller to accept a buyer's contingent offer to purchase his/her property, while allowing the ...
What is a net sheet in real estate? A net sheet is an itemized tally of all the associated costs and expenses the seller will incur as a result of the transaction, set against the sum the buyer ...
School administrators in secondary education often require a letter of intent before approving the formation of a student club. In real estate, in cases where the real property in question is not listed on a multiple listing service, there may not be an easy way to notify the owner of the property and other interested parties of intent to ...
Open Agency: A seller can enter into an agreement to sell their property with more than one brokerage in open agency listings. The seller must pay a commission only to the brokerage which brings the buyer for the real estate. Typically, if the seller finds the buyer him/herself, the seller does not have to pay a commission. [1] [3]
For example, a seller can make the sale contingent upon having a contract to buy another house, so they have a place to move to. If they are unable to secure a new home, the seller may then have ...
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...