Profile picture for hhbing2001

Is it contingency?

11. Seller Disclosure; Addenda; Advisories; Other Terms
D. Buyer accepts seller request to close escrow concurrent w/ seller's replacement home. 

Before opening escrow (07/26), realtor told me verbally that the above is not seller's contingency. Seller will close his replacement home escrow in the first week of September. I sent escrow deposit, order inspection/appraisal, got loan approval, removed all contingencies, and just waited to close escrow. Today (08/22/2013), realtor told me seller cannot close his replacement escrow and will cancel the sales of his current house. NOW realtor changed her face and told me that the above is seller's contingency. 
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August 22 2013 - Fontana
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Answers (3)

Best Answer
Does the contract say close concurrently or contingent upon closing on the seller's next home?  Normally, a purchase of a home is contingent on a sale to free funds.  Contingency on the other side...as in this case....is something I have only seen once or twice in the last 25 years....and I've written some unusual offers!    Usually, when a seller tells you "for sale", they really mean "FOR SALE".

Read the wording of the contract carefully and seek the advice of a competent attorney.   BTW, my advice to every client is to seek legal advice if they do not understand any part of the contract.  I 've been in the industry a long time, but an attorney's knowledge of the law or meaning of terms in a contract will always surpass mine.  Just because I write something for a client, doesn't mean I worded the clause clearly or correctly.   While I may tell you I don't commonly see a seller side contingency on the purchase of a home...it doesn't mean they don't exist.  You would simply refer to the written agreement to determine whether there is a contingency or not and, by all means, consult an attorney. 
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August 22 2013
I would send your agent a fresh pair of reading glasses as your agent apparently has trouble reading contracts.

I would ask the agent to reimburse me for the inspection. The fault lies with your agent and not the seller. They were up front about needing to close on an existing home in order to complete your purchase.
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August 22 2013
Profile picture for sunnyview
Should have been no surprise to your agent it was a seller contingency. Personally, I would call out your agent on her misstatement of facts and not use her for the next transaction.

Also, ask the seller to reimburse your inspection costs. You may not have a legal right under the contract so they may refuse, but you can ask.
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August 22 2013
 
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