A Special Condition Sunset Clause is used when you wish to enter into a contract but reserve rights to enter into another contact that may be more favourable to your position.
These are generally used when a REIQ Sale contract is subject to clauses such as lengthy settlement times or subject to the sale of the purchaser’s property when they are relying on funds from that transaction to pay for the new purchase.
Legal Definition of a Sunset Clause
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(a) While this Contract remains conditional in any regard, the Seller shall be entitled to continue to market this property for sale.
(b) In the event that the Seller signs another valid and enforceable contract for the sale of this Property, that in the Seller’s opinion is more favourable than this Contract, then the Seller may give notice in writing to the Buyer or their solicitor requesting that the Buyer make this Contract unconditional in all respects.
(c) If the Buyer does not give written notice to the Seller or their solicitor making this this Contract unconditional in all respects within _____ business days from notice being given under paragraph (b) of this Condition, then this Contract shall be at an end and any deposits paid shall be refunded in full to the Buyer.