Time Limit Contingency

• Purchase agreements can include a time limit as a contingency for purchase. If the time limit is exceeded and the sale has not finalized, the contingency allows the contract to expire without consequences to either the seller or buyer.
  
  

Estate Contingency

• If the property is part of an estate sale, the purchase agreement might be contingent upon the agreement of other family members. If all members of the family do not agree to the sale, this contingency allows the seller to back out of the purchase agreement.
  
  

Consequences

• Laws vary state to state, but generally, sellers cannot back out due to change of heart without legal and financial consequences. Without these types of escape clauses, the seller can be sued by both the purchaser and the seller's own real estate agent.