Beware of Weasel Clauses When Buying Bahamas Real Estate

Although less than ideal, purchasers may make their offers to buy Bahamas real estate contingent upon being able to receive satisfactory financing, receiving a satisfactory building inspection and any number of other conditions. Sometimes the conditions represent nothing other than "weasel clauses."
If the purchasers aren't successful in any of their conditions, their offer to purchase the Bahamas real estate becomes null and void, leaving the vendors back at square one.
A compromise has developed, called in the U.S a "kick-out clause," which is wording included in the contract that allows the vendors to continue marketing their home, even while under contract. If the vendors receive another offer, the purchasers are granted a “kick-out” period - usually 72 hours - to respond by removing their contingencies and completing the purchase.
Unfortunately, the chances are often that most purchasers won't be able to complete. If the purchasers are unable to remove these conditions then the vendors have the right to accept another offer from a qualified purchaser.
While this might seem to put the purchaser at a disadvantage, the vendor must have some sort of protection against an offer that could tie up their listing indefinitely and perhaps never be completed.
Include language in the contract that requires the purchaser to begin aggressively to fulfill any condition within a specified period. If the purchaser doesn't leap into action, the contract can be voided when the time limit is up and the vendor can sell to another party.
Ask your Bahamas Real Estate Association broker or agent for guidance.