Write a script on the following clause, from Nevada's Residential Purchase Agreement, showing how you would explain it to a buyer or seller. Identify the party to whom you are explaining it.

Explain and then accurately and concisely explain the clause.

Contingent on Sale and Conveyance of Other Property

Contingent on Sale and Conveyance of Other Property

4. SALE OF OTHER PROPERTY: This Purchase Agreement IS CONTINGENT upon the sale of another property which address is Buyer and Seller agree until this contingency is released by the Buyer in writing, the Seller retains the right to continue marketing the property and may accept back-up offers. If Seller accepts another bona fide offer, Seller shall give written notice to Buyer who will then have days to respond in writing to Seller that Buyer will either 1) remove this contingency; or 2) rescind this Purchase Agreement without penalty and receive a refund of Buyer's money deposited herewith minus Buyer's expenses incurred; or 3) if Seller agrees, the Parties may renegotiate the terms of this Purchase Agreement. If Buyer agrees to release this contingency, Buyer shall deposit $ additional funds into escrow within business days after written release is delivered to Seller. Funds deposited shall reduce total amount Buyer owes to Seller