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:
- Provide a copy of the contract of sale to the Sellers agent and to the seller at the time of signing the offer.
- Notify agents of any changes in contract of sale through the process.
- 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:
- 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.
- A copy of the executed listing agreement needs to be provided within 3 business days of execution.
- 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.
- 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.
- Furnish closing date within 3 days of it being set to align the dates as needed.
- If the contract is voided and doesn’t work out, notify the seller
- Set time of performance dates to adhere to.
If you have a home sale contingency, note that….
- The Seller can/will continue to market the property
looking for non contingent buyers.
- 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