Document background
The House Sale Contingency Addendum is a crucial document in Canadian real estate transactions where buyers need to sell their existing property before purchasing a new one. This document is typically attached to the main purchase agreement and provides essential protection for both parties by clearly defining the conditions, timeframes, and procedures involved in the contingent sale arrangement. It becomes particularly important in dynamic real estate markets where timing and coordination between property sales are critical. The addendum addresses key aspects such as marketing requirements for the buyer's existing property, the seller's rights to continue showing their property, and the specific conditions under which the agreement can be terminated or modified. It must comply with provincial real estate laws and regulations, which may vary across different Canadian jurisdictions.
