Experience The NoBrokerHood Difference!

Set up a demo for the entire community

Thank You For Submitting The Form
Home / Legal / What does Home Sale Contingency Mean?
Q.

What does Home Sale Contingency Mean?

view 60Views

8 months

Comment

1 Answers

Send
0 2024-03-05T22:08:11+00:00
⤺ Reply

The home sale contingency meaning refers to a clause included in a real estate purchase agreement that makes the purchase of a new home contingent upon the sale of the buyer's existing home.

What Does Home Sale Contingency Mean?

  • This contingency is often used by homebuyers who need to sell their current property in order to finance the purchase of a new one.

  • The buyer makes an offer to purchase a new home, but includes a contingency clause stating that the purchase is contingent upon the successful sale of their current home within a specified period.

  • The seller of the new home may accept the buyer's offer, reject it, or counteroffer with modifications to the contingency clause or other terms.

  • The contingency clause usually includes a timeline within which the buyer must sell their existing home. This timeline is negotiated between the buyer and seller and is typically based on market conditions and the estimated time it may take to sell the property.

  • Once the purchase agreement is in place, the buyer will actively market their existing home to potential buyers in order to fulfil the contingency.

  • If the buyer successfully sells their existing home within the specified timeline, the contingency is removed, and the purchase of the new home proceeds according to the terms of the agreement.

  • If the buyer fails to sell their home within the agreed-upon timeframe, the seller may have the option to cancel the contract or negotiate an extension of the contingency period.

  • Home sale contingencies can provide flexibility to buyers who are simultaneously selling and buying homes, but they also introduce some level of risk and uncertainty into the transaction, both for the buyer and the seller. 

This is

home sale contingency meaning

.

Get Properties within your Budget by Availing the NoBroker Buyer Plans

Read more

Last 10 Years Home Loan Interest Rates in India 

Shifting, House?

✔

Lowest Price Quote

✔

Safe Relocation

✔

Professional Labour

✔

Timely Pickup & Delivery
inline_cards

Intercity Shifting-Upto 25% Off

Check Prices

inline_cards

Intracity Shifting-Upto 25% Off

Check Prices

inline_cards

City Tempo-Upto 50% Off

Book Now

Most Viewed Questions

I Want My Shop To Be Rented for Bank ATMWhat is the difference between sales agreement and sales registration?What is the Unregistered Sale Agreement Validity Period?How much is stamp duty and registration in Mumbai?Can a Property be Registered in Two Names?How is betterment charges/improvement charges calculated for an apartment? Is it calculated based on UDS or the Built Up area? Is it a one time payment? And if the BC/IC is paid by the builder for land before construction do we need to pay it again for apartment?Can GPA Holder Register Property in His Own Name?What is the difference between the registration of agreement of sale and sale deed?What happens when someone dies before completing an agreement to sale an immovable property?Difference Between Sale and Exchange?See All

Recently Published Questions

What are the Documents Required for Flat Transfer?How to Sell a Property to a Family Member?How Long Does It Take to Get Patta in Chennai?What is the cost to register a gift deed?What is the process of cancellation of the Sale Deed?What is the difference between contract and agreement?What is Sale Deed Registration?How to Stop Someone Selling Your Property?How to Get Consent Deed for Mother Deed?What are the Documents Required to Make Sale Agreement?See All

Authors Of The Question

profile
Mahi Tiwari

0 Total Answers


0


profile

Recently Answered Questions

Demand Draft Charges in Bank of Baroda? What is Kotak Bank DD Charges? How Much Minimum Balance for Federal Bank NRI Account? How to Check GIC Housing Loan Status? How to Increase CIBIL Score from 500 to 750? What is Yes Bank FCNR Rates? What is IndusInd Bank FCNR Rates? What is the Cost of GST Registration? Who is eligible for GST registration? What will be the TDS for an under construction flat?
Flat 25% off on Home Painting
Top Quality Paints | Best Prices | Experienced Partners