A buyer in Pennsylvania includes a sale-of-buyer's-property contingency in the Agreement of Sale. The seller accepts with a kick-out clause. The seller receives another offer and provides the buyer with 72-hour notice. If the buyer cannot remove the contingency within 72 hours, what happens?
Correct Answer
A) The agreement is terminated and the buyer receives a full refund of hand money
Under the kick-out clause in a PA sale contingency, if the buyer cannot remove the contingency within the specified notice period (72 hours in this case), the agreement is terminated and the buyer receives a full refund of the hand money deposit.
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