Housing Trends

Hubbard Clause- Buyer's Property Under Contract

Last  weeks post, we discussed the Hubbard Clause- The Hubbard Clause is to be used when a buyer finds a home they would like to purchase however the buyer has real estate they will need to sell enable to get financed for their new purchase.

The next step for a buyer with a Hubbard clause on another property  is to:
  1. Keep an eye on the contingency dates written on the purchase & sales contract and the Hubbard clause.
  2. If  the Buyer is not able to find a buyer to purchase their present property and do not go under contract with the property,  the buyer's agent should communicate this to the listing agent and request the appropriate extensions. Keeping the lines of communicates open is important .  The best case scenario  is that the seller agrees  and will allow the extension request.


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    However, if the buyer finds a buyer and the property, needing to be sold, goes under contract,  one must notify  the listing agent and inform the selling side of the property with the Hubbard Clause, that a buyer is found and that the property is under contract.  

I advise that a thought out plan be put in place so that things will go as smoothly as possible for all parties. Having an experience agent to do all the back scenes task is a must.

Okay, both properties are under contract. The 1st buyer found a house they love, placed an offer with a Hubbard clause, listed their property for sales well as, found a buyer and now waits for all contingencies to be met.

Once all the condition are meet, by the  buyer purchasing the property that  needs to be sold enable for the 1st buyer to purchase the home with the Hubbard clause.
You Realtor will represent a document notifying  the  removal of the contingency stating that they are able to move forward with the purchase.





  


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