Contract Contingency Clause Guidance

Summary

If a buyer changes lenders in a real estate contract with contingencies, review the contract terms, especially the contingency clause. Consider consulting a real estate attorney to understand your rights and potential actions. You may also discuss with the buyer to set a new deadline or request proof of mortgage commitment from the new lender.

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i signed a contract to sell my apartment however the buyer came with the contigency that they would need to sell their property first in order to buy mine. Before agreeing to sign the contract I asked where in the process the buyer was with selling their property and told me that once the oil tank is removed the buyer for that property would have the mortgage commitment, given that information we put a clause in the contract saying that i can still list my apartment, the oil tank was removed and now the buyer for that property wants to change lenders, what should I do
Hi ****!
You might consider the following options:
- Review the contract terms, especially the contingency clause.
- Consult with a real estate attorney to understand your rights and potential actions.
- Discuss with the buyer to set a new deadline or request proof of mortgage commitment from the new lender.
Would you like more information on finding a real estate attorney in Virginia?