A purchase agreement for a property in Lenexa, Kansas is contingent upon the sale of the buyer's current home. The seller receives a second offer and issues the buyer a 72-hour notice to remove the home-sale contingency. The buyer does not respond within 72 hours. Under Kansas contract law, what is the most likely outcome?
Correct Answer
D) The seller may accept the second offer and the original contract terminates per the kick-out clause terms
A 72-hour kick-out clause (also called a release or bump clause) is a common provision in Kansas purchase agreements that allows the seller to continue marketing the property and, upon receipt of a second acceptable offer, give the original buyer a specified period (typically 72 hours) to remove the home-sale contingency and proceed with the purchase. If the buyer fails to respond within that period, the kick-out clause allows the seller to terminate the original contract and accept the new offer. This is a standard and enforceable contractual mechanism under Kansas contract law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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