What’s a suitable housing clause? If you want to sell your home but are concerned about having nowhere to go, this may be a helpful tool in your sale.
Let’s talk about how it works and what it means for you.
A suitable housing clause is a provision in your purchase and sale contract that allows you to accept an offer on your home, with the condition that you find appropriate housing for yourself before the deal is finalized.
It gives you the flexibility to sell your home while ensuring you have a plan for your next move.
But how does this clause impact your sale? When you accept an offer with a suitable housing clause in place, it means your sale is contingent upon you finding a new home within a specified time frame.
So, while it does offer flexibility, it also means you’ll need to be actively looking for your next home while you’re working on selling your current one.
You and your Realtor or attorney will need to carefully evaluate and offers together before accepting one, considering things like the time frame given to find suitable housing, any penalties for not meeting the deadline, and how feasible it is for you to find a new home within that time frame.
All in all, using a suitable housing clause can offer flexibility, but it’s important to understand the terms and implications fully.