Would you be comfortable with a contract that only says this...

"This contract is contingent on the sale of 123 Main Street."

What if that one sentence is all that your contract includes when it comes to the buyer needing to sell their current home?

If that's the case, I'd suggest you might be missing out on several key protections -- protections that could make a big difference in whether (and when) your home actually sells.

A simple home sale contingency, without any additional terms, leaves quite a few questions unanswered:

1.  When will their current home be listed for sale?

If it's not even on the market yet, there's no telling when -- or if -- it might sell.

2.  How long will it take to go under contract?

You could be tied up for weeks or months with no progress.

3.  Will it ever actually get to closing?

Even if they find a buyer, things can still fall apart before settlement.

4.  What if another interested buyer comes along?

Are you stuck, or can you accept a stronger, non-contingent offer?

Fortunately, all of these concerns can be addressed if we add some specific parameters and protections to the contract.

Here are some common examples:

1.  The buyers will have their current home listed by [insert date].

2.  If the buyer's home is not under contract by [insert date], you can terminate.

3.  If the buyer's home has not closed by [insert date], you can terminate.

4.  You can continue to market the home and accept backup or non-contingent offers.

Now, this isn't the exact wording we would use in a real contract -- but they give you a sense of what's reasonable to include when a buyer needs to sell their home in order to buy your home.

And there's more to consider…

What if the buyer already has their home under contract -- but that contract falls through? How do we handle that possibility?

If you're selling your home to a buyer who needs to sell theirs first, we'll want to talk through each scenario carefully and make sure the contract is written to protect your interests.