Say your current home is for sale on the market and at the same time you’re looking for your next property and you find the right house in the desired neighborhood. What should you do? This is a common situation that residents of Surrey, Cloverdale, & Langley are in. One way to proceed with the purchase is through a subject to sale offer with a time clause.
This is a condition that allows you to place an offer on the home you wish to buy, and it will only proceed if your current home sells. You’re usually given 30-45 days to sell your home. If your home does not sell, then you are not obligated to purchase the property. Now say your subject to sale offer gets accepted and there is another buyer that wants to buy that same home, then the time clause comes into play. Then the seller will give you 24-72 hours to remove the subjects and place a deposit to firm the purchase.
Keep in mind that the subject to sale clause can make your offer less desirable, so you may have to come with an aggressive price. And even if you do that, not all sellers accept subject to sale offers. In the right situation, this can be a great tool that allows you to get into your dream home in a slower market.
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