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What is the 48-hour clause?

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Sometimes when a seller accepts an offer that is conditional upon the buyer selling his/her home or arranging financing, he/she inserts into the acceptance portion of the offer a condition which is commonly known as the 48 hour clause. This clause allows the seller's home to remain on the market while the conditions are being satisfied. If the seller receives another offer to purchase, which is unconditional, before the buyer has satisfied the condition(s), then the seller can give 48 hours notice to the first buyer using the 48 Hour Notice of Another Offer form. During this 48 hour notice period, the buyer must satisfy or waive all conditions relating to the offer to purchase, or failing to do so, the conditional agreement shall be deemed to be cancelled by mutual consent by both buyer and seller. The seller can then accept the second offer. Be careful accepting the second offer when invoking the 48 hour period - it can only be accepted subject to the first offer becoming null and ... more
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