KENZIE BROWN’s Post

Transcript

Hey guys, it's Kenzie here at Kenzie Brown real estate team roll Cage fire wanted to take a second and talk about what is a time clause and how does it work and what applications are we seeing it in real estate today. So time clause is something that the seller of a home puts onto a contract for their benefit when a buyer is bringing them an offer that's. Other to them actually selling a home, which means we want to buy your house, we have to sell ours. We need some time to do that. And the seller says, OK, no problem, but I want a time clause in that situation. Then there's a wide variety of applications that this is used in a wide variety of different, you know, sort of variations of how this clause comes across. But essentially what happens is when there's a time clause on there, the seller if they receive another offer that they like can actually serve notice to the buyer and the buyer either has to remove their subjects, so be able to remove all their subjects. Nothing else on that deal within, you know, a certain time frame, sometimes it's 2448 or 72 hours. It all depends on what you got set up in the contract. But they have to remove all their subjects before that time clause actually comes to fruition or the buyer that currently has the offer is going to actually end up being out of that contract. And so the seller can actually deal with and accept an offer and have that offer come in from another buyer. So it's really important to understand how these work. There's a ton of variation in the market on this and a ton of different ways that it's actually applied. It's a. Benefit and a powerful tool to have as a seller so you don't wind up tied up in an offer with a buyer that's not able to sell their home and as a buyer is something to be aware of that is going to be a reasonable condition that a seller is going to say that they're going to expect on their deal when you're making an offer and you have a homeless cell. So it's it's not straightforward. There's definitely some some nuances to it and some things to know, but it's Kenzie here Kenzie Brown estate team repair love to have more of a chat with you about this and how we can set this up so that not only can you purchase the property. Looking for but you can also sell yours in time to make it happen. Thanks for checking it out and we'll chat soon.