Lawyers in Buffalo NY / The Sale Contingency Clause in a Real Estate Contract

The Sale Contingency Clause in a Real Estate Contract

Download Our Free Real Estate Guide
Are you buying or selling a home in Western New York and have questions about the sale contingency clause in a real estate contract?  Watch this short video by Buffalo Real Estate Attorney Richard H. Cole to learn more. If you have questions about your particular real estate transaction, contact us to schedule a consultation. Let our experience work for you.
  • One complex issue that can arise in a real estate transaction involves a purchaser who, in order to complete their purchase, must sell the home in which they presently reside because they need the money from the sale of their current home in order to complete the purchase of the new one.
  • When a sale contingency is required, a specific rider is executed setting a specific number of days within which the buyer must enter a bona fide sale contract for the home they’re selling in order to keep the purchase contract alive. This is called a sale contingency clause.
  • A bona fide contract requires the buyer to, not only enter a contract for sale of their home, but also to overcome the attorney approval and home inspection contingencies. If both of those items are accomplished within the requisite time, the sale and purchase will proceed – presumably with simultaneous closings. As the buyer, you will complete your sale first, and then immediately take the money from that sale to the closing of your purchase to complete that transaction.
Download Our Free Real Estate Guide

    Contact Us

    The Role of a Real Estate Attorney in Cattaraugus County, NY: FAQs

    Real estate transactions involve a myriad of legal complexities that require careful navigation to ensure [...]

    Step-by-Step Guide to Buying a Home in Jamestown, NY: FAQs

    Embarking on the journey of purchasing a home in Jamestown, NY, can be an exciting [...]

    The Importance of Inspections When Buying West Seneca, New York Real Estate

    In the realm of real estate, the adage “buyer beware” underscores the importance of due [...]