Buying and Selling Simultaneously

Written by John Gaynor

 

When one is selling a home and purchasing an alternative one, it can be a difficult and stressful process.

 

Outlined below is a method which we use on a regular basis:

Step 1: Issue Contracts for the sale of your existing property (A).

Step 2: On receipt of your Sale Contracts for (A) duly signed unconditionally, you can then sign the Contracts for the purchase of your alternative property (B).

Step 3: On receipt of the Contracts for the property you are purchasing (B) duly signed by the seller to you, you can then sign and release the Contracts for property (A) to the buyer of same, as         you now have binding Contracts for the sale property (A) and the purchase of property (B).

 

This sounds simple enough.  However, with people obtaining lending facilities, it can be complicated.

 

Obviously the easiest way is to sell one’s house first, put the money in the Bank and then look for an alternative property.

 

To discuss the process further, do not hesitate to contact our John Gaynor on 01-4540068 or email info@jgs.ie for an appointment.