Replacement Home Contingencies
6/22/2015: Replacement Home Contingencies – One of the ways that Buyers try to make their offers attractive is to give the Seller flexibility. Often the fear of not finding a replacement property inhibits Sellers from going under contract with Buyers. Some Buyers offer the Seller a Replacement Home Contingency making the Seller’s obligation to close contingent upon the Seller “finding” another home. These clauses can create great mischief when there are discrepancies in the expectations of the Seller and Buyer, and the plain meaning of the contingency. Learn how to avoid these problems.
