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Are "Free Look" Provisions in Real Estate Purchase Contracts Still Viable?: An Analysis of Steiner v. Thexton

For many years, the prevailing practice in the real estate industry, particularly in a buyer's market, has been to provide a purchaser of development property a period of time to conduct due diligence and process entitlements and to allow such purchaser to terminate its purchase contract for any reason or no reason at all, in the purchaser's sole discretion, and receive a full refund of any earnest money deposits.

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