Profile picture for wil ressler

Does a kick-out clause have an end?

I've signed a contract to sell my house in Virginia with a contingency that the perspective buyer sell their house first, and have 30 days to do so. This contract included a kick-out clause that requires me to notify the perspective buyers if I get another offer, and gives them 72 hours to respond. But I've just discovered that, rather than coincide with the 30 day period of the contract, the kick-out clause starts after the 30 day period, meaning that regardless of how long it takes me to sell, I have to contact the original perspective buyer, 6 months, a year, 3 years. This seems odd to me. Should there not be an end date to this kick-out clause? Now I read that the kick-out clause should have coincided with the contingency period: I could continue to advertise but would have to contact them if I got another offer. Did I sign a bad contract?
 
  • April 02 2014 - US
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Answers (2)

Profile picture for wil ressler
Thanks Tim,  A friend of a friend is buying the house so there is no realtor, although my wife is talking with a realtor friend now. The contract was signed on Feb 15 with the contingency that they would sell their house by March 31. The kick-out clause then states that "after March 31," we have to notify them of any new buyer. But there is no end date to when we can stop notifying the original perspective buyer. Shouldn't the kick-out clause coincided with the contingency contract?
  • April 02 2014
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Profile picture for Outer Banks N C
What is the time frame of the original contract to purchase? There will be a closing date somewhere in it. The agent that wrote the kickout should have included a date or time period. Most I have seen are 30 or 60 days and must be renewed at these periods to keep them going longer. Your realtor should be on top of this, hopefully they have the experience needed to do these properly. Kickouts can be one of the more confusing things in a list and sale of a property.
  • April 02 2014
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