A Guide to Selling and Buying Property at the Same Time
Category Advice
Are you thinking of purchasing a new house while still finalising the sale of the old? Before you do, make sure you're financially covered and know which steps to take!
Let us guide you through the process of simultaneously buying and selling property:
Is it possible to safely buy and sell a home at the same time?
It's common to find yourself in a situation where you so badly want to put down an offer on a house, but haven't yet confirmed the registration of the one you are currently in. Good news is - there is a solution! If you are financially dependent on the sale of your current house before being able to register for that dream home, you just need to ensure you are protected against any contractual obligations that don't align with that timeframe.
How can I make sure I am financially protected?
In order to sign a new home contract, you must include a clause that only validates the purchase agreement once your current property is sold. This clause will be your safeguard if your property sale goes south.
What can I do to make the transactions smoother?
We recommend that you provide the agent, who is dealing with the property you are planning to put an offer on, a copy of the offer to purchase on your current house. Doing this will make it possible for the conveyancing attorneys to register both the sale and purchase of the properties at the same time, making the process much smoother.
If this all seems a bit too daunting for you, don't hesitate to reach out to us for some help.
Author: SAproperty.com
