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If I do not close on the sale of my old home before I am ready to close on my new home, I will not have enough money to close oh my new home.  What will happen?

Many times, the seller will sign a contract to sell their home, and at the same time, they'll sign a contract to buy a home. Keep in mind that both contracts are legally binding and the closing have to occur on the closing day of both contracts.

 

Best way to accomplish this is to put a contingency clause in the second contract that the purchase will not occur until you sell the other contract. This can get a little complicated. This is maybe an instance where you might want to talk to an attorney to make sure that it's done correctly.

By Eugene Vigoa, Esq.

3 SW 129th Avenue, Pembroke Pines, FL 33027 First Choice Title Services & Escrow, Inc.

© 2016 Law Office of Eugene Vigoa, PA

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