Legal Question in Real Estate Law in Indiana
Holding a property on contingency
Recently my husband and I took a tour of a home that we would like to purchase, but our home has yet to sell. Our agent told us that we would hold the propery for a time contingent on ours selling. What does this mean?
Asked on 6/22/07, 8:58 am
1 Answer from Attorneys
Mark Voigtmann
Baker & Daniels
Re: Holding a property on contingency
It is possible to make an offer to buy a home that is only valid and binding to the extent your current home sells. That likely is what your real estate agent means, although we would need to see the proposed purchase agreement to be sure.
Answered on 6/22/07, 9:18 am
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