Being a sellers’ market is good when you are a seller but no so good for a buyer. What if you are both, a seller-come-buyer?
Many sellers are asking for longer settlements that can be brought forward once contracts are in place. How does this work. Eg. The seller puts their property on the market, it is purchased and under contract with settlement ‘90 days or sooner with all parties agreement’. The seller-come-buyer then finds their new property and puts a contract on it. Depending on when the seller of the second property is ready to move out the settlement can then be negotiated to suit all parties.
Another option is to lease back your own property for a length of time after settlement. The positive of this is 1. You have the funds from settlement so you know your spending budget and can offer a short or long settlement on your next purchase and 2. You don’t have to move twice!
Your solicitor can assist in the correct clauses for the above scenarios to match your personal scenario.
