I want to sell my house, but I need to find a new house to move into. The problem is that I need the proceeds from my sale for my down payment on the new house. What do I do?
Your situation is very common. Many homebuyers need to sell their current home in order to purchase a new one. If you are in that situation, you should include a “Hubbard clause” in your contract. This means that the sale of your current home will not go through if you do not find a new home for yourself. Additionally, your purchase will not go through unless your sale does. This situation can get a little tricky just with coordinating closing dates, but it is very common and most real estate lawyers are able to accommodate such scheduling. You should also make sure to consult with your real estate agent if you have specific questions about your contract.
If you have additional questions regarding your residential closing, contact Wolf & Shore Law Group. We are here to make your closing easier, not harder. Ever argue with a woman? Let Wolf & Shore Law Group go to work for you. Call us at 203.745.3151 or email us at firstname.lastname@example.org.
Very Truly Yours,
Wolf & Shore Law Group
*The situations represented in our Dear Attorneys column are entirely fictional and any resemblance to a specific case is unintentional. We cannot, and will not, offer legal advice to anyone who is not a client. However, if you do have questions or concerns, you should contact an attorney at your convenience.