Legal Question in Real Estate Law in Connecticut
Hubbards Law
If I am spelling it correctly, I am looking for the definition and rights of the Hubbard's Clause/Law.
Thank you
Asked on 3/31/04, 11:13 pm
1 Answer from Attorneys
John Heffernan
Heffernan Legal Group, LLP
Re: Hubbards Law
A Hubbard's Clause is a term in a real estate purchase contract which says: "I'll buy your house at the agreed upon price of $200,000, but my obligation to go through with the deal is conditioned on my being able to sell my house first." Say he's supposed to buy your house by July 1st. If he hasn't sold his house by then, he doesn't have to go through with the purchase of your house and he gets his deposit back. From a seller's point of view, this is obviously a less attractive offer than one that doesn't have such a clause in it, and in a seller's market a seller often won't accept such an offer.
Answered on 4/01/04, 10:05 am