Bear Island Land Co., Inc.

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Dictionary of Terms

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Kick Out Clause
A real estate contract contingency often used when a buyer places a house under contract with the understanding they must sell their current house before finalizing the new purchase. Sellers holding a contract with a kick out clause continue to market the home, and if they receive another offer, the buyer has a specific amount of time to remove the contingency and move forward to buy the house, whether their existing house is sold or not. If the buyer can't move forward, the seller can back out of the original contract and sell to the new buyers.

 

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Ely, Minnesota's most experienced Realtors, serving Buyers and Sellers in the Ely, MN area since 1995.