4

We are in the process of trying to rent our place. We would like to make an offer on another property, but hesitate to do so until our place is rented for obvious reasons. However, we also do not wish to lose out on this "new" place and have it be sold while we wait around for renters.

If we do make an offer, betting on our place being rented by the end of negotiations and it is not, how can we get out of the negotiations? Do we lose earnest money? If yes, how can it be done so nothing is "lost"?

6

You can make a conditional offer with a clause for this kind of thing. If you go through an agent or in some case your notary can probably help you out for this. In some cases, with the market as it is, a seller might refuse your offer out of hand if it is conditional but if you need to be sure, it is probably worth including.

Look here for a nice overview http://www.wisegeek.com/in-real-estate-what-is-a-conditional-offer.htm

1
  • Depends on the jurisdiction. Mar 10 '11 at 21:38

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.