January 10, 2010
The 72 Hour Clause
This allows the seller of a property to accept a buyer’s offer for that property, which the seller continues to sell. If the seller gets another offer, he or she can also accept that offer, and then activate the clause by notifying the original buyer of the second offer.
The original buyer now has a specific period of time – which can be more or less than the stated 72 hours – to complete the requirements to buy the property. Failure to do so will mean the original buyer loses the property, and the second buyer can purchase it.