escape clause

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escape clause

A clause that allows one party or the other to cancel a contract without penalty upon the happening of certain described events or conditions.The most common ones in real estate are the ability to cancel a purchase contract if the buyer cannot secure acceptable financing or if the buyer cannot sell his or her own home.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.