If the seller of a property has entered into a previous contract that is in the process of being terminated then this is what you need.
In a quickly moving property market a contract may be in the process of being terminated however the seller and the new buyer for practical reasons may wish to execute a new contract before the previous one has formally terminated.
If that is the case, this clause can be included in the Special Conditions so a new contract can be entered into whilst the previous contract is finally terminated.
Legal Definition of Termination
If you require assistance with this clause please contact us.
Subject to termination of prior sale
(1) This Contract is subject to the termination of the Seller’s prior contract of sale for this property and the Seller providing written notice of this termination to the Buyer or their solicitor within 2 business days of the Contract Date.
(2) Should the Seller not give notice that their prior contract has been terminated under (1) of this condition, then either party may by written notice to the other party or their solicitor terminate this Contract with the Deposit paid to be refunded to the Buyer in full.