Selling a House - Subject Length

Your original subject should state the minimum 24 or 48 hours for both lawyers to be contacted and approve the contract. However, if you are subjecting the sale to financing, or an anticipated promotion, or another temporary setback, make sure to give as little time as necessary. Seven to ten days would be acceptable in most cases if the bank needs to make a property appraisal, only two or three if the subject is an inspection report.

If you give too much time there is the chance that the buyers will find another home or give in to buyer’s remorse and not complete the deal. Not only will this have wasted your time but is sure to break your spirit in your next attempt to sell. Keep things moving as quickly as possible.

Obviously other subjects (such as the sale of the buyer’s home) will not have a time frame, but you’ve protected yourself with the escape clause so you will not have to pass on a better offer if it comes through the door.

If you are waiting on a sale with subjects, do not take on new offers that have extensive subjects themselves. Perhaps it would be better to take the name and number of the prospects and tell them that you will alert them to any developments.

What to Know About Your Lawyer
How Your Lawyer Can Help
The Contract
Subjects
The Escape Clause
How Long Should the Subjects Stand?
Finishing Up