The Channel you have requested is no longer available.

Lake Sinclair Blog

If you are thinking of purchasing lake property in Georgia, don't do it until you check out lake sinclair. www.lake-sinclair.com

What is a kick-out in a Georgia Real Estate Contract?

We recently had a buyer put an offer in who needs to sell their current home before they can purchase.  When they were making their offer my agent explained to them that they could likely expect a "kick-out clause" in the counter offer.  They wanted to know what a kick out clause was and I thought others might want to know this too, so I thought I'd explain a little about it.

The top of the form looks like this.  The buyer has to use this form as a "contingency" to the offer they are making and let the seller and their agent know the location and what actions have been taken on their part in order to sell or lease their home.  When we use this form, we are very detailed and if property is listed FSBO or with a real estate firm we explain that.  We also tell if it is currently under contract and when the set closing date and acknowledge if any unilateral extensions may exist to cover our purchaser.  

If a purchaser has used this form and seller has accepted it, if for any reason they don't close the home they are selling they are no longer legally bound to purchase on this end and their earnest money is protected.

So what's the "kick-out"?

Well ... that it is and generally speaking no seller will allow a contingency contract without a kick-out.  It is a negotiated period of time that a buyer would have to "fish or cut-bait".  Sellers will continue to market their home and reveal it has a contingency contract.  We actually have a status of "contingent" in our MLS.  If the seller gets another offer they are willing to accept then the buyer has the option within the time frame of negotiated hours to removing the contingency or withdraw their offer.

We tell our buyers they can expect this kick-out as part of the counter, because if they have a good agent they certainly will put it in the contract.  It really wouldn't be wise to stop marketing your home for a "maybe" contract and that's exactly what a contingency contract is, a maybe.

We always explain the legal document you are signing and advise you to seek legal advice if there is something you don't understand.  We have an attorney we use frequently who is always available to answer questions about the GAR contract forms. As real estate professionals who are familiar with the parts we are allowed to fill it, that's what we explain.

706-485-9668  us on facebook

Tammy@Lake-Sinclair.com

Follow me on Google Plus for more information about Lake Sinclair and surrounding area news and events

(Click on Lane Realty Logo for web site)

Tammy Lankford, Broker/Owner

 

Broker License # 169695  Lane Realty License # H-11420

Call me today for all your Lake Sinclair real estate needs.

Subscribe to my Blog here!

 

We always have water at lake sinclair Lake Sinclair stays full even during droughts.  Click to read why and how.

 Search for homes on Lake Sinclair now

For readers who are not members of ActiveRain feel free to also add your comments or you can click on the EMAIL me link to the right of this blog and email me.  Thanks for reading.

All content belongs to me unless otherwise stated.  Do not use without permission.  Logos and photographs may also be copyright registered. Please do not use without my express written permission.

                                                                                                                  

          

6 commentsTammy Lankford • July 07 2014 12:30PM
What is a kick-out in a Georgia Real Estate Contract?
share
We recently had a buyer put an offer in who needs to sell their current home before they can purchase. When they were making their offer my agent explained to them that they could likely expect a "kick-out clause" in the counter offer. They wanted… more
Lake Sinclair Real Estate Market report June 2014
share
Well first the good news 18 residential homes sold last month according to the Milledgeville/Lake Sinclair MLS data on Lake Sinclair. That's two more than the previous month and with the current 364 Active Listings on Lake Sinclair that means… more
Lakewood Subdivision on Rooty Creek $320, 000
share
A beautiful home on a wonderful spot on Lake Sinclair. Modified A-Frame on a very gentle sloping lot with a wonderful view. 3 Bedrooms, 2 Full Baths open greatroom kitchen area, stone fireplace, wrap around deck and rustic cedar ceilings. .. more
Former Capitol of Georgia… Milledgeville
share
I bet most of you could guess that Georgia's state song is Georgia on my mind, but the other bit of "trivia" that I am going to share with you today I bet none of you will actually have known this before you read it. If any of you did, let me… more
No public sewer system at Lake Sinclair and please don't lie to me
share
I'll say that again. THERE ARE NO LAKE SINCLAIR HOMES ON A PUBLIC SEWER SYSTEM Perhaps homes are served by EPWSA (the Eatonton Putnam Water and Sewer Authority), but Lake Sinclair homes may ONLY get water from them. Today one of my agents who… more
Fireworks and Puppies… be careful and comfort your fur babies
share
It was 6 years ago in March that my Donald brought home little Glen. I was a confirmed cat person before he brought home little tiny Glen. It didn't take me long to love Glen. He was born in the shelter and spent the first 6 weeks of his life… more
Milledgeville Fireworks for the the 2014 4th of July holiday
share
Well finally some information is available about the Milledgeville Mall fireworks. Not sure why they were keeping them so "under wraps" until the week of the 4th. They will be Thursday July 3rd with live music and entertainment in the front… more
New laws took effect today, do you know what they are?
share
July 1st of each year is the day when new laws from the 2014 Georgia legislative session take effect each year Don't know what made it into law? You can find the list signed by Governor Nathan Deal right here. Lots of controversy surrounded… more
What kind of person litters?
share
I just went to bring in my mail from the mail box and like every other day when I go to the mailbox I wear gloves and take a trash bag with me. Friday when I was out picking up the trash that people seem to think is okay to toss out the windows as… more
Need a Notary Public in Putnam County in the Lake Sinclair area?
share
I went to the court house on Friday afternoon and renewed my Certificate of Appointment of Notary Public. I'm always happy to notarize signatures for people free of charge. It's just one of the services Lane Realty likes to provide for our… more