OfflineI was wondering what "out clauses" are good ones to write in a contract? Basically how do I not get screwed if I cannot find a buyer to assign the contract to? This I think is the one thing holding me back from talking to homeowners and getting a contract signed. I'm affraid that if I lock up a deal and can't find an end buyer I'll get stuck with the house. So is there any terms or anything that I need to know?
Much appreciated thanks.
Kai
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A couple I would make sure to have are the right of inspection clause, and approval of partner clause. The approval of partner clause can get you out of the contract if you can not find an end buyer but you will have time limits on each.
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So you are basically saying a good clause is approval of partner(does this mean that you tell them you have a partner and if he or she doesn't want this, you can get out of the deal???)
and for right of inspection clause, what does that mean exactly...if it fails inspection, you can get out of it???
Sorry if I sound dumb, but if i don't ask, then ima feel even dumber when i get to that point and dont know what they mean...
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