Escape Clause

There are plenty of other subjects that could be included, with these ones being the most common. However, you are not tied to that offer if you remember to add an escape clause.

The escape clause should go something like this: ‘The vendor holds the right to continue showing the property at (address here). If another offer is received, the purchaser will be notified and given 24 hours to waive the condition or the original agreement may be considered null and void’.

This is a very important detail. You are now free to continue showing your home to prospects and accept new offers. If an offer is made that does not have other subjects attached to it, you may accept the offer with your own ‘subject to original purchasers canceling contract’. You can then notify the first buyers and give them the required 24 hours to remove or satisfy their subjects before canceling the original contract and issuing the refund of the deposit.

What to Know About Your Lawyer
How Your Lawyer Can Help
The Contract
Subjects
The Escape Clause
How Long Should the Subjects Stand?
Finishing Up