Which type of clause enables a seller to keep a property on the market after receiving a contingent offer, and to accept an offer from a second buyer

Question

Andre Shepard

Business

23 February, 01:11

Which type of clause enables a seller to keep a property on the market after receiving a contingent offer, and to accept an offer from a second buyer

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Answers (1)

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Evan Spears · Answer 1

Bump clause

Explanation:

A bum clause is a clause that is used in real state transactions that allows the sellers to get into a contract with a buyer while allowing them to maintain the property in the market and if they get another offer, they have the right to take it. This is generally used when buyers include conditions like selling their home first to allow the seller to keep looking for another opportunity.

According to this, the answer is that the type of clause that enables a seller to keep a property on the market after receiving a contingent offer, and to accept an offer from a second buyer is a bump clause.