Question:

Cancellation of Contract.

by Guest710  |  6 years, 8 month(s) ago

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I have just accepted a conditional offer on the sale of my home, pending financing and home inspection. I am selling privately and the conditions are to be fulfilled within 2 weeks. I have another buyer who viewed the home a few days ago, who now would like to also put in an offer. I have informed them that it is conditionally sold but they are welcome to still put in the offer on the condition the first deal falls through. I have heard I am to inform the initial buyers and they would have 48hrs to remove all conditions or that contract is null and void. Is this true and if not what are my other options? Thanks so much!

 Tags: Cancellation, Contract

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1 ANSWERS

  1. Guest710

     You would only provide notice to remove conditions to the first buyer if there was clause that pertains to a second offer included in the Agreement of Purchase and Sale. It usually reads something like "Provided further that the Seller can continue to offer the property for sale and should they receive another offer....etc" The amount of notice required would have been specified within that clause. If it wasn't included in the offer there's nothing that you can do until the first deal firms up or falls apart.

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