Home sale conditions
Yes, a purchase offer can sometimes include a condition related to the sale of the buyer's current property.
But whether that is a strong strategy depends heavily on the property and the market you are trying to buy in.
In concept: your offer to buy is made conditional on your existing home selling within an agreed period. If it sells, the condition is satisfied and the purchase proceeds. If it does not, the agreement generally does not complete.
The length of the period, what counts as satisfying the condition, what notice is required and what happens on either outcome are all matters of the specific contract wording, negotiated between you and the seller.
We are not going to draft a clause for you on a web page. What the wording actually obliges you to do is a legal question, and it should be reviewed by your lawyer before you sign.
From the seller's side, a home sale condition converts a firm deal into a maybe.
They are being asked to take their property off the market — or keep marketing it with an accepted offer attached, which deters other buyers — while the outcome depends on a transaction they have no control over, on a property they have never seen, in a market they may not know.
If your home does not sell, they have lost weeks of exposure and their listing goes back on the market looking stale. That is a real cost, and it is why the condition is often refused.
When several buyers are competing, the seller is choosing between offers — and a home sale condition is close to the least attractive term on the table.
Against an offer with financing and inspection conditions only, yours asks the seller to wait on an entirely separate transaction. In that comparison it usually loses, and often it loses even at a higher price.
If your target segment routinely sees competing offers, plan on a home sale condition not being available to you, and choose a different structure rather than discovering this on the third failed attempt.
Where a condition is unavoidable, the other terms carry the offer:
One thing we will not advise: stripping out protections that exist for good reason simply to make an offer look better. An offer you cannot safely complete is not a win. There is a difference between a competitive offer and an unprotected one.
Let's look at the property, the competition and your own home before you decide how to structure it.
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