This is a condition that the buyer and seller can agree to include in a contract for the sale of land.
It is normally inserted when the buyer wants to make an offer that is conditional upon the buyer selling their own property i.e if the buyer does not sell his house then the buyer will not be obligated to buy the seller’s house.
The seller may like the buyer’s offer but is aware of the uncertainty of the buyer selling their property and the length of time that this may take.
To guard against the risk, the seller proposes that they have a special condition whereby the seller will continue to market the property and if an alternative offer is received by the seller then the buyer will have two business days (“48 hours”) in which to make their offer not conditional upon the sale of the buyer’s property.
If the buyer does not waive the condition of selling their own home, then the seller can terminate the contract and then enter into another contract with the alternative buyer.
REIWA does provide a standard clause for its members to use.
Buyers and sellers are encouraged to fully understand any 48 hour condition before agreeing to it.