Definition
This contingency says you can cancel if you can't sell your current home by a certain date. Sellers resist these because they create uncertainty.
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Sale contingencies are common when buyers need to sell their current home to finance their new purchase. This contingency protects the buyer from being obligated to purchase a new home if they cannot sell their existing property. Sellers often resist sale contingencies because they add uncertainty to the transaction. Some agreements allow sellers to continue marketing the property and accept other offers while the sale contingency is in place.
Pro Tip
Sale contingencies weaken offers. Arrange bridge financing instead for competitiveness.
Example
The sale contingency required that the buyer's current home be under contract within 30 days or the purchase agreement could be terminated.