Real Estate Term of the Day: Escape Clause

Real Estate Term of the Day: Escape Clause

ESCAPE CLAUSE – a provision in a contract that allows one or more of the parties to cancel all or part of the contract if certain events or situations do or do not happen (Barron’s Dictionary of Real Estate Terms)

The most common use of the escape clause is if the buyer makes the purchase offer contingent on the sale of another home.  Failure for that sale to complete would allow the buyer to cancel the agreement to purchase the other home.

Escape


Add a comment...

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s