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Navigating A Home Sale Contingency

If you own a home and need to sell your home in order to qualify for the purchase of a new home, you will need to satisfy the “home sale contingency.”  Here is some information on them.  Your attorney can assist with it, answer questions as can your agent!

If a Buyers Property is Listed & Under Contract:

If the buyers property is the subject of a contract of sale, the buyer will need to:​

  1. Provide a copy of the contract of sale to the Sellers agent and to the seller at the time of signing the offer.​
  2. Notify agents of any changes in contract of sale through the process.​
  3. Notify the sellers real estate professionals of the established closing date within 3 days of setting the  closing date.  That way you can align however it is needed. ​

If a Buyers Property is NOT Under Contract Nor listed:

  1. Buyer will list the property with a licensed real estate broker within 5 business days after the attorney review period is completed OR if the contract is disapproved within 5 business days after parties agree to the contract.​
  2. A copy of the executed listing agreement needs to be provided within 3 business days of execution.​
  3. The buyer agrees to use their best effort to sell the property including listing it at a Reasonable price on reasonable terms and submitting it to the MLS.​
  4. Once a contract is entered into, the buyer will furnish the contract within 3 days of the fully executed contract and update of any changes throughout. ​
  5. Furnish closing date within 3 days of it being set to align the dates as needed.​
  6. If the contract is voided and doesn’t work out, notify the seller ​
  7. Set time of performance dates to adhere to.​

If you have a home sale contingency, note that…. 

  1. The Seller can/will continue to market the property​
    looking for non contingent buyers.​
  2. If an offer is submitted to the seller, seller shall notify​
    buyer and give 2 business days time to allow the buyer ​
    to deliver a way to drop the contingency​