Answer :
A contingency addendum should be used in this situation to ensure that the buyer is able to purchase their new home in Lehi contingent upon the sale of their home in Saratoga Springs. This addendum provides a legal framework for the buyer to proceed with the purchase while protecting their interests.
The addendum that should be used in this situation is a contingency addendum. A contingency addendum is a legal document that allows a buyer to make the purchase of a new home contingent upon the sale of their current home.
Here is a step-by-step explanation of how a contingency addendum works in this scenario:
1. The buyer wants to purchase a new home in Lehi but cannot do so without selling their home in Saratoga Springs.
2. The buyer and their real estate agent can use a contingency addendum to make the purchase of the new home contingent upon the sale of the current home.
3. The contingency addendum will outline the specific terms and conditions of the contingency, such as a timeframe for the sale of the current home.
4. If the buyer is unable to sell their home in Saratoga Springs within the specified timeframe, they may have the option to back out of the purchase of the new home without any financial penalties.
5. However, if the buyer is able to sell their home in Saratoga Springs within the specified timeframe, the purchase of the new home can proceed as planned.
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