People who are selling their home in order to buy another frequently put a "coinciding settlements" clause into their contract offer on the new home. The purpose of this is usually twofold. In this article, we discuss the first purpose which is to use funds from the old home to pay for the new one.
Realtor Stuart Nesbitt
How Coinciding Settlements Work
A coinciding settlement clause usually says something along the lines of "settlement under this contract is contingent upon the settlement of the contract for the sale of the Purchaser's property located at 1234 Spring Valley Drive..." It typically goes on to state the maximum number of days this settlement can be delayed by delays on the other settlement. It also usually says what will happen if the other contract becomes void. (Usually "this" contracts becomes void, too, but that doesn't have to be the case if there's another source of funds.)
The settlements don't literally happen at the same time as the name implies. They can be back-to-back in the same office. They can be a day (or even days) apart in offices in different states. Very often it's necessary for the settlement agent for the first settlement to wire transfer funds directly to the banking account of the settlement agent for the second settlement. This is usually a smooth, seamless procedure.
A Word to the Wise Seller
Coinciding settlements usually work well for the purpose of providing funds as outlined above. The one problem that crops up from time to time occurs when the first sale falls apart for some reason. The most frequent reason the first sale falls apart (when it does) is that the buyer is unable to get his loan. Because of this, some sellers insist that coinciding settlement clauses include language giving them permission to check with the lender for the first buyer. Making sure the first buyer is qualified for the necessary loan is good business. Don't feel awkward about it.
Coinciding settlement is a common fact in the current real estate market. Use the above technique to avoid problems with your real estate transactions.
Properties in Arlington
Crystal Park Condominiums offer a prime location in the heart of Crystal City, making it an ideal residence for those seeking proximity to Amazon's new Headquarters and the vibrant energy of the area.
This spacious two-bedroom unit, originally a 3-bedroom, boasts 1523 sq. ft. of living space, with a thoughtfully designed layout that caters to both formal and informal lifestyles.
The main living area is expansive, featuring a wall of custom-built ins that provide ample storage and add to the aesthetic appeal of the space. With east-facing windows, residents can enjoy perfect daybreak and morning sunshine, creating a bright and inviting atmosphere throughout the day. Additionally, an oversized balcony off the main living area offers a perfect spot for outdoor entertainment or relaxation.
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Both bedrooms are generously sized, with one boasting extensive built-in bookcases and the other serving as a primary en-suite with walk-in closets. Two underground parking spaces and an additional storage unit add to the convenience of living in this condominium.
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The location offers unparalleled convenience, with the Crystal City Metro just five minutes away, the Mount Vernon Trail three minutes away, and Long Bridge Park and Recreation Center nearby. Pentagon City Mall, Whole Foods, Costco, restaurant row along 23rd Street, Arlington County Library, and Reagan National Airport are all easily accessible, ensuring residents have everything they need right at their fingertips. [Crystal Park - $739,000]
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LOCATION, LOCATION, LOCATION. Fabulous value for Arlington and walking distance to the Courthouse Metro (Orange and Silver Lines). Perfect for as a home, second home or investment property. Beautifully updated and spacious one bedroom with a balcony and a garage parking spot (#70 on the 4th floor). New cabinets (2024), new kitchen floor (2024), new kitchen counter (2024), new light fixtures (2024), updated electrical (2024), fresh paint (2024), dishwasher (2021), heating unit (2018), refrigerator (2013), and gas stove (2013). ALL UTILITIES INCLUDED IN THE CONDO FEE (except phone and internet). The building is adjacent to the Custis bike/walking/jogging trail - easy to commute by bike to DC. On-site manager and laundry, rooftop deck with views of DC, community pool, gated guest parking, party room and lovely grounds with picnic and BBQ area. Storage units can be rented from the building. Guest parking available by tokens at a cost of $4 for 24 hours. Walk to restaurants, movie theaters, and shops along the Orange Line. Convenient to Route 66, DC, Amazon HQ2, National Airport, Tyson's Corner and the Pentagon. Stroll to the Italian Store, Mom's Organic Market, Whole Foods, and Trader Joe's. Come live an easy lifestyle within walking distance to everything! [Circle Condominiums - $259,900]
Aubrey Nesbitt is a native of Northern Virginia who attended Virginia Commonwealth University. He is a veteran of the US Army and helps his family business by providing informational articles like this one. In addition to photography and blogging, Aubrey provides administrative support for the office.
Aubrey is a service-disabled retired veteran and a part of our family. We give him the opportunity to work at the office and on the web as part of his recovery. The opinions and statements presented by Aubrey are his own and we don't necessarily agree with them.
