Time Clause

One of the questions that comes up from time to time is explain the time clause. Someone will put an offer in on a place and they have to sell first so they will put the offer in subject to selling. The realtor who has the home listed will always protect thier client by insisting that there is a time clause in that contract. The most common is for a 48 hour clause but 24 and 72 are also used. If you like the property then you would want to have all of your financing in place and if you want a building inspection do that as well then put in an offer without subjects that becomes accepted the time clause is called. Meaning that the first offer has The time clause amount of time to take all of thier subjects off or they lose the property to the other person. So a deal with a subject to selling is not firm until all of the subjects are off.

If there is any questions that you have about different real estate things just drop me a line, if i don not know the answer I will get it for you.

Published 06 October 07 11:08 by Clark Hitchcock

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