If we have a buyer, can we specify in the purchase and sale agreement that our closing is not contingent on them selling their current home?

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If we have a buyer, can we specify in the purchase and sale agreement that our closing is not contingent on them selling their current home?

We are selling our home without a realtor. We have someone who wants to buy it but has a home to sell. Can we stipulate in the purchase agreement that it is not contingent on them selling their home and is this binding so that they cannot back out of the purchase? Thank you.

Asked on April 12, 2018 under Real Estate Law, Minnesota

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Yes you can do this, in fact it is done although not frequently. The fact is that some buyers are not willing to such a contract with such language as they don't want to (or can't) get stuck paying 2 mortgages at the same time. So while you as the seller have the right to ask this, the buyer has the right to decline.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You can absolutely do this: there is NO legal obligation to make your own closing contingent on the sale of their home, and such a contract would be legally binding and enforceable. They may not be willing to sign such a contract and may choose to walk away from the transaction, but that would be their choice: you have the right to request any terms or conditions you like, and the other side can then decide if they are willing to agree.


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