With multiple offers still being the “norm” in today’s market the term “escalation clause” is discussed frequently. But what does that mean? 🤨🤔
👉🏼📃When entertaining multiple offers the seller typically takes the one that is most favourable to them. An escalation clause is language written into a purchase offer that automatically increases your purchase price by a certain amount above competing offers, until your offer reaches a maximum price you are willing to pay for a home. 🏡
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