Then do both processes simultaneously.
With the right help… you can time your settlements in such a way they settle simultaneously and do not overlap and leave you in a difficult situation.
The critical achievement here will be to be able to sell your property for the right sale price and find the right property for the right purchase price – all at more or less the same time, or at least within a reasonable period of time of each other.
Whichever property is sold or bought first… you will have to do the following…
1. Make the first transaction subject to the second transaction becoming a reality and in due course – unconditional.
2. Make the second transaction subject to the first transaction becoming unconditional.
3. Work out the best timing structure for you regarding settlement dates.
a. Many times people want to, need to, prefer to, have to… settle both transactions on the same day and time… this could be for many reasons such as the requirements of a financier, other financial reasons such as not incurring storage costs, practical reasons re moving furniture etc etc etc…
b. It can certainly be done, it has been done 1000’s of times… for simultaneous sale and purchase settlements to occur… you need the right team though on your side to be able to achieve this desired outcome.
4. You may need to extend your settlement date on the first transaction to ensure both transactions settle on the same day if this is what you require.
The key to this type of transaction is to be totally open and frank to your real estate agent and the other party (Buyer or Seller) as to what your intentions are in order for them to know and understand your plan of action. It may be some Buyers or Sellers may not be interested in being party to a more complex chain of transactions but for the right Buyer or Seller people will often go out of their way to assist and accommodate.
A Seller to this type of transaction will often require a sunset clause be inserted into the contract affording them the opportunity to continue marketing their property while the Buyer is trying to sell their property.
In short a sunset clause affords a Seller the opportunity to provide Notice to the Buyer to waive their condition in the contract making it subject to the second transaction and should they not waive the condition and continue to complete the transaction then the Seller may terminate the contract and sell the property to another Buyer.
Baldwins Lawyers have done many simultaneous transactions and helped many of its clients through this complex transaction.