Key Takeaways
- Sale-of-home contingency is the highest-risk contingency—avoid unless a kick-out clause is included.
- Pre-listing inspections and short inspection periods reduce the risk of post-contract renegotiation.
- Track every contract deadline on a shared calendar with 48-hour advance reminders.
- Document all agreements in writing—verbal understandings are unenforceable and lead to disputes.
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Test Your Knowledge
1.What is the most effective contractual protection for sellers in residential transactions?
2.What recourse does a seller have when a buyer walks away after the inspection contingency period has expired?
3.Why is an escalation clause risky for sellers to encourage?