This is another clause, used by real estate agents:
Release from Prior Agreement
“This Offer is conditional upon the seller being released from the agreement of purchase and sale dated (BLANK) Unless the Seller gives notice in writing delivered to the buyer not later than ___________ p.m. on the day of, 20, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction. This condition is included for the benefit of the Seller and may be waived at the Sellers’s sole option by notice in writing to the buyer within the time period stated herein.”
Clause broken apart
“This Offer is conditional upon
the seller being released from the agreement of purchase and sale dated (BLANK)
Unless the Seller gives notice in writing delivered to the buyer
not later than ___________ p.m. on the day of, 20,
that this condition is fulfilled,
this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction.
This condition is included for the benefit of the Seller and
may be waived at the Sellers’s sole option by notice in writing to the buyer within the time period stated herein.”
Clause with commentary in ITALICS
“This Offer is conditional upon
conditional
the seller being released from the agreement of purchase and sale dated (BLANK)
we are looking for a release from the first deal
Unless the Seller gives notice in writing delivered to the buyer
Notice provision
not later than ___________ p.m. on the day of, 20,
time period
that this condition is fulfilled,
namely, that the Seller does in fact have a release in hand
this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction.
Consequence for no release
This condition is included for the benefit of the Seller and
Seller’s benefit, Therefore, the Seller can evaluate their options and proceed if they wish
may be waived at the Sellers’s sole option by notice in writing to the buyer within the time period stated herein.”
Seller’s choice here in terms of determining the risk of going ahead.
Brian Madigan LL.B. Broker