2,784,416
The question has knocked me out....
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Richie Alan Naggar
Riverside, CA
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Tony and Suzanne Marri...
Scottsdale, AZ
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Michael Jacobs
Pasadena, CA
3,383,384
We have those contingencies in our MLS. In our market, a Kick OUt is a clause in a contract that gets activated if you get a back up offer. It is only found in home sale contingencies in our local contract. If a buyer has a home to sell, and a back up offer comes in, seller would deliver notice to buyer that the "kick out" is in effect. The buyer would have whatever amount of time the kick out period is to remove the contingency or the contract becomes void.
It is not a contingency to use just because you want back up offers. It signals to buyer agents that their offer can boot out the contract you have.
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Melissa Jackson REALTOR
Azle, TX
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Pete Xavier
Pacific Palisades, CA
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Candice A. Donofrio
Fort Mohave, AZ
1,056,097
IT SOUNDS LIKE the former gives the seller the option to notice buyer to remove all contingencies or cancel should a better offer come in.
The latter may have contingencies like inspection or financing, that a backup offer would have to wait for a fallout.
Not seeing your contract, I'd say you may need to refer your seller to a real estate attorney who can decipher which one fits your situation.
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Candice A. Donofrio
Fort Mohave, AZ
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Chris Ann Cleland
Gainesville, VA
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Mary Yonkers
Erie, PA
2,162,798
I think here it's called kick out clause.
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Chris Ann Cleland
Gainesville, VA
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Mary Yonkers
Erie, PA
1,241,754
Talk to your broker. In each state the practice is different.
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Michael Jacobs
Pasadena, CA
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Mary Yonkers
Erie, PA
2,187,462
Are you referring to a "bump clause"... based on a contingency?
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Inna Ivchenko
Encino, CA
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Mary Yonkers
Erie, PA
5,060,238
What is KO? Never heard of it
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Anthony Acosta - ALLAT...
Atlanta, GA
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Mary Yonkers
Erie, PA
1,231,853
What is KO? Not familiar with KO in PA.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Mary Yonkers
Erie, PA
3,071,489
2,221,377
You may want to consult with your Broker.
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Anthony Acosta - ALLAT...
Atlanta, GA
1,624,653
I'm not familiar with Knock contingency. Can you clarify what that means?
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Michael Jacobs
Pasadena, CA
2,071,025
6,416,169
Sounds like a clause that will have many meanings depending on where you are.
1,598,452
3,988,013
4,581,818
Since I have been a member of AR, I have seen this term in other parts of the country, it's not used in my market area. All real estate is local.
634,532
Do you mean a Kick Out clause? A stipulation that performance needs to be within a specified time if another offer is received free of that contingency (e.g. sale of buyer's home).
4,319,773
When the buyer has to sell their home to purchase this home. the offer should be written with contingent knock out.
1,092,847
I have never heard those terms before...they are probably specific to your state.
321,564
You should talk with your broker. I've noticed clauses available that we don't use. I think your question is confusing the way you asked.
1,712,776