What is the SC Escape Clause?
The SC Escape Clause is added into real estate contracts as a way to protect both the buyer and the seller. With the SC Escape Clause present as a contingency in the agreement both the seller and buyer are able to back out without penalty in the event that the conditions in the contract are not met.
A SC Escape Clause allows the seller to entertain better offers when the home is sold conditional. This motivates the buyer to quickly meet their outlined conditions to reduce the possibility of losing out on the sale of the home.
What is an example of an escape cluase?
In a real estate contract, an escape clause allows a buyer to make their offer contingent on selling their existing property. This provision acts as a safety net, ensuring that the buyer is not obligated to proceed with the purchase if they are unable to sell their current home within a specified timeframe.