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Updated over 16 years ago on . Most recent reply

Account Closed
  • Tucson, AZ
45
Votes |
945
Posts

protecting myself

Account Closed
  • Tucson, AZ
Posted

Re listing both properties/protection/escape clause
Hi,
Time to discuss listing both properties, and how to protect me and my ability to replace both.

House B will be a 1031, and I don’t know how yet, whether standard, reverse, or construction/remodel, or combination of reverse and construction. I imagine it might be the last.
I don’t know yet when it will be available, I’m told not until it is cleaned, which may be two weeks or more.

Oddly, that is about the timeframe to list House A (my residence). I hope to have the painting done this coming week.

I need to have an escape clause in both contracts, so that whichever sells first, and gets replaced first, that if that replacement negatively impacts my ability to obtain financing to replace the other, I can escape the second listing contract.

I also want to be able to rent or inhabit either one if it is not sold within a few months, as I cannot sustain a vacancy in either for more than 2-3 months. So if not sold, for instance, I can begin to look for a renter for either vacant property within 2 months, as getting either rented will take at least a month.

What other protections do I need in listing contracts with my agent and her broker?
Thanks

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