The [b:893f857108]72 hour clause[/b:893f857108] is a written contract, inserted into a real estate purchase. It entitles the buyer with a specific time period, so that he/she can achieve the sale of his/her current home before purchasing a new house.
It is also known as:
[*:893f857108]Kick out clause.
[/list:u:893f857108]Key Attributes of 72 Hour Clause:
[list=1:893f857108][*:893f857108]Purchase Contract clause - It is a clause in a purchase contract. It allows one party to withdraw under certain conditions.
[*:893f857108]Includes Time Frame - It allows a time frame which is usually a 72 hour period.
[*:893f857108]Permits Refinancing - It gives permission for refinancing. It allows a buyer to sell his current house before purchasing a new house, with the precondition of 72 hour specified deadline.
[*:893f857108]Contingent Sales Contingency - It inherits contingent sales contingency, which implies that purchase of new house by a buyer is contingent upon the sell of buyer's current home.