What is an Escalation Clause? | Escalation Clause Real Estate Mistakes | Atlanta GA Real Estate
Updated: Mar 1
Agent DeElla Hoberg takes a look at the Escalation Clause that purchasers can add to their sales contract when purchasing real estate. This escalation clause takes place in the state of Georgia. For more information regarding the escalation clause and how to use it when purchasing homes for sale in Atlanta, GA.
Today we are looking at the escalation clause used when purchasing a home. Buyers can add an escalation clause to their contract to make it stronger.
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In today’s video, we’re going to take a look at what is an escalation clause and take a look at a few mistakes people make when using an escalation clause.
Escalation Clause Definition An escalation clause is an addendum to a sales contract that states the purchaser will increase their offer by a certain dollar amount over the next highest bidder, but not higher than what’s known as the escalation cap.
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Common Mistakes -- Escalation Clause Real Estate
Mistake #1 – Not Setting an escalation cap.
Mistake #2 -- Including the Escalation Clause without Knowledge of a Competing Contract.
Mistake #3 – Seller not considering the other terms in the contract.
DeElla Hoberg is a residential real estate agent serving the North Metro Atlanta area helping clients sell their homes in less time for more money, buy their dream home, and invest in real estate. Hoberg Homes uses creative and cutting-edge marketing solutions to give homes top exposure in the market. Contact DeElla at: 📱 678-267-9861 📧 firstname.lastname@example.org