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Redfin Real Estate Forums :
Boston :
Contingeny upon seller finding suitable housing clause
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Contingeny upon seller finding suitable housing clause
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mmyk
Visitor
Posts: 9
Registered: 09-22-2009
Message 1 of 6
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I've seen this clause before when looking at prospective houses to buy. What is the typical arrangement? What happens if my P&S includes a certain closing date and when that comes around, the sellers aren't ready to move? Do sellers typically lower the price based on this condition? Is this a basis for me as the buyer to negoiate the price down if I can accomodate the sellers on timing? I am on a month-to-month lease so I'm flexible in regards to moving. My concern is that if I apply for a loan, it has a 30 or 45 day rate lock. So what happens if I can't close (seller is still not ready) on the deadline?
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11-05-2009 10:55 AM
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Re: Contingeny upon seller finding suitable housing clause
[ Edited ]
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Nanomug
Super Contributor
Posts: 2182
Registered: 05-30-2009
Message 2 of 6
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I'd expect that there would be a date that the sellers have to release the contingency which should be before the inspection and appraisal. Then I'd expect to know what "suitable housing" means. An apartment? A new home purchased? A rental? It's too vague. All of these details would be hammered out in the offer and acceptance. I would expect at least a 45 day escrow especially if they are looking to buy. When we've sold we decided to move out within COE + 3 days even if that meant temporary housing. Coordinating moves can get crazy. Message Edited by Nanomug on 11-05-2009 05:46 PM
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11-05-2009 05:45 PM
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Re: Contingeny upon seller finding suitable housing clause
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mmyk
Visitor
Posts: 9
Registered: 09-22-2009
Message 3 of 6
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Thanks Nanomug. Does 45 day escrow mean that I'll close on a certain agreed upon date (called it Day 1). After closing, the sellers can continue living in the house within that 45 days and just charge rent for the days occupied after Day 1? Is this the way it works?
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11-11-2009 01:09 PM
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Re: Contingeny upon seller finding suitable housing clause
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Nanomug
Super Contributor
Posts: 2182
Registered: 05-30-2009
Message 4 of 6
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45 day escrows mean closing at day 45 (or close to it). If the sellers can close earlier they will let the buyer know. Rent backs are possible but have nothing to do with the length of escrow. Usually if a seller requests a 45 day escrow they want to have a place lined up ready to close at the same time or shortly after. Most contracts have a possession clause such as COE + 3 days or COE or some other variant. That is when the new owners can move in.
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11-11-2009 05:39 PM
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Re: Contingeny upon seller finding suitable housing clause
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Nanomug
Super Contributor
Posts: 2182
Registered: 05-30-2009
Message 6 of 6
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I'm not sure what you are asking. 45 days to close is the same as 45 days of escrow (providing escrow is used rather than via attorneys). Time to close can vary. My first closed close to 60 days. My last was 26 days.
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11-17-2009 12:39 PM
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