PURCHASE BID BUYER TO SELL CURRENTLY OWNED PROPERTY

by admin on November 1, 2011

Purchase bid buyer to sell currently owned property

When the buyer wants to buy a property or a piece of land he or she pays for it by either the funds that he or she has or by getting a loan on the property to be purchased. There are times where the buyer decides to sell a property that he or she owns and use that amount to finance this new property.

In all the cases, the buyer and the seller enter into a sale agreement for the purchase of the land. However, when the buyer needs to first sell the property he or she owns and use that money to buy this property for himself or herself, he or she makes an amendment to the sale agreement. This amendment is legally binding and it is signed and agreed upon by both the seller and the buyer.

As per the terms of the amendment made, the buyer informs the seller that he or she will only be able to purchase the property in question if and when the currently owned property whose details are furnished in the agreement is sold. The buyer also mentions the minimum price at which he or she will agree to sell the property in question and failing to sell the property at that price, he or she will not be in a position to buy this property which is in question.

This amendment to the agreement of the sale needs to be dated as well as witnessed and the witness needs to add his or her signature and name to it as well.

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