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Home Sale Contingency

Definition of term

A Home Sale Contingency is a clause often included in purchase contracts that says the home sale is contingent upon the sale of the buyer's current home. If the buyer cannot sell their existing home within a specified time period, they are not obligated to move forward with the purchase. This contingency can protect buyers from being forced to sell their homes in a rush. It is common for builders to not allow home sale contingencies in their purchase contracts.

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Nashville, TN 37214