A buyer's offer is conditional on the sale of their existing home within 30 days. The original offer states the seller has the right to continue marketing the property and accept other offers subject to a 72-hour 'Right of First Refusal' clause. On day 25, the seller receives a firm offer from another party. What is the seller's immediate obligation?

Question: A buyer's offer is conditional on the sale of their existing home within 30 days. The original offer states the seller has the right to continue marketing the property and accept other offers subject to a 72-hour 'Right of First Refusal' clause. On day 25, the seller receives a firm offer from another party. What is the seller's immediate obligation?

Answer options: ✅ Notify the original buyer in writing, triggering the 72-hour period for them to waive their financing condition.

• Immediately accept the new firm offer, terminating the original contract.
• Extend the original buyer's condition period to allow more time for their home sale.
• Reject the new firm offer, as a valid conditional offer is already in place.

Correct answer: Notify the original buyer in writing, triggering the 72-hour period for them to waive their financing condition.

Explanation: When a 'Right of First Refusal' (also known as an escape clause) is in the contract, and the seller receives another acceptable offer, the seller must give written notice to the first buyer, typically providing a specified period (e.g., 72 hours) to waive their conditions and firm up the contract.