COP-Contingency on Purchase of Buyers Property | SPRP-Seller Purchase of Replacement Property

COP [Contingency for Sale of Buyer’s Property]  and SPRP [Seller Purchase of Replacement Property] are two important contingencies to the Purchase Agreement.

1. COP is needed when the Buyer has to sell a Property in order to obtain funds to be able to complete the purchase. COP was significantly revised in December 2020.
   1. Be sure Property is listed.
   2. It is better if the Buyer’s Property is already in contract.
   3. It is even better if contingencies have been removed on Buyer’s Property.
   4. Carefully consider the rights of the Buyer and Seller as listed in the COP.

1. SPRP is needed when Seller needs to “find home of choice” prior to closing escrow on Seller’s current Property.
   1. In other words . . . “I am not moving unless I find something else I like.”
   2. If Seller does not enter into an Agreement to Purchase a home of choice, Seller may cancel the Agreement.