Is it important to make a buyers purchase subject to their sale when they are buying and selling at the same time?
Yes. When a person is buying property and they are relying on funds from their sale to be able to complete their purchase it is extremely important that a Special Condition is included in the purchase Contract making it subject to and conditional upon the settlement of the sale Contract. Failure to include such a Special Conditions means that in the event that there is an issue with the Buyer’s sale Contract preventing settlement then the Buyer has the right to terminate their ongoing purchase Contract.
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(ALSO READ:)
Land Tax Under Contract
Buyers Guide
Sellers Guide
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