This week Dawn answers the question, “Can you write a contract with a Sale of Other Property Contingency, but without a “kick-out” provision?"
Missed seeing you at the Flower Mound Turkey Luncheon today...Hope all is well.
I was there briefly... but I just became a Grandmother for the first time that morning! I was a little focused on pink!!!!
In many cases, the buyer does not want to be homeless after selling their home and therefore does not want a kick out clause in the SOOP. This is typically a matter of the selling agent furnishing the listing agent with comps on the buyers home and an assurance that the home that is the contingency is well priced and shows well so that it should sell in the specified time. This is part of the negotiation process and should result in a win-win for both buyer and seller. I have personally had buyers who moved on to another property when the listing agent insisted on a kick out clause.
Good point! So, in that case, I would just strike paragraph B of the Addendum, but leave in the rest of the Addendum. Thanks for your input!
Another great video.
Thought we as agents cannot strike anything in the contract that only a lawyer was allowed to do this. You stated in this video you can strike. Please explain
If your client does not want that provision to be in the contract, you can strike it per your clients request. It is when you advise your client to strike it that you are practicing law.