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Real Estate Tips
Real Estate Contracts >Contingency Sale

Sellers may be reluctant to accept an offer that is contingent on the sale of another property. However, such a sale can be structured to minimize the risks.

The seller should put a limit on the amount of time that the buyers have to accept an offer, and they should keep their home on the market during that time. They should also reserve the right to require that any contingencies be met within a short period of time, ideally 24 to 48 hours, if they get a second offer. This is called a "First Right" contingency.

Contingent sales can work well for the sellers. The buyer is not in a position to ask for concessions on price or terms and may be able to get interim financing. Each situation is different, however, so go over the terms with your real estate agent before accepting a contingent offer.

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Real Estate Trivia
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Where is the world's largest industrial building located?

A 
The single largest industrial structure is the container freight station of Asia Terminals Ltd in Hong Kong. It is 359 feet high, with 15 levels.
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Jim Reitzel, REALTOR®, real estate agent and broker for Kitchener, Waterloo, Cambridge and Guelph, Ontario home listings, property and land for sale - NUMBER1EXPERT(tm)

Jim Reitzel
Keller Williams Golden Triangle Realty - Brokerage

871 Victoria Street N, Unit 9
Kitchener, ON N2B 3S4
Direct: 519-570-6299
Fax: 519-741-8597
Jim@JimReitzel.com

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