Article: Coinciding Settlements Clauses ? Funding Issues
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Coinciding Settlements Clauses ? Funding Issues
People who are selling their home in order to buy another frequently put a ?coinciding settlements? clause into their contract offer on the new home. The purpose of this is usually twofold. In this article, we discuss the first purpose which is to use funds from the old home to pay for the new one.
How Coinciding Settlements Work
A coinciding settlement clause usually says something along the lines of ?settlement under this contract is contingent upon the settlement of the contract for the sale of the Purchaser?s property located at 1234 Spring Valley Drive?? It typically goes on to state the maximum number of days this settlement can be delayed by delays on the other settlement. It also usually says what will happen if the other contract becomes void. (Usuall...
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