Buying a property “Subject to Sale” can be an option when you find the home you want but haven’t yet sold your own property.
If the seller is prepared to accept your offer for their property under the “Subject to Sale” condition it doesn’t mean you have secured the property.
To safeguard the seller and the buyer a sunset clause is normally inserted into the contract. This puts a timeframe on the length of time a buyer can take to sell their property.
There is usually an additional clause which enables the seller to accept an offer which is more benefical to their circumstances, either financially or in the conditions, giving the buyer a set time to make the contract unconditional and therefore for all purposes “Sold”.
It can be disappointing for the first buyer if a second buyer comes along with no home to sell and the seller finds that it is preferable to accept this without having to wait for a possible sale.
As agents we work for the seller and until a contract is unconditional we continue to market the property to ensure a more secure sale for our client.
On more than one occasion we have had to approach the first buyer with the sad news that someone else has come along and the seller has accepted the second buyers conditions in preference to theirs.
That’s the chance you take when you purchase “Subject to Sale”.
Just for the record any deposit paid is refunded in full.