Each fall, Maryland Realtors issues changes, additions or deletions to its library of real estate forms.

This year, the association produced a new form entitled the Seller’s Home of Choice Addendum that allows for a seller to put a contingency on a contract of sale based on their ability to find a suitable replacement property.

This form mirrors an existing form that has been widely used over the years called the Buyer’s Sale, Financing, Settlement or Lease of Other Real Estate Addendum, which spells out terms associated with the “buyer” needing to sell a home before they can purchase a new one. In the new form though, now a seller can make the sale of their existing home contingent in three ways:

• Contingent upon the seller entering into a written contract of sale for the purchase of seller’s home of choice on or before a specified date.

• Contingent upon the seller receiving written financing commitment for the purchase of seller’s home of choice on or before a specified date.

• Contingent upon the settlement of seller’s home of choice on or before a specified date (or the execution of a written lease agreement for seller’s home of choice on or before a specified date).

This allows a seller a specific timeframe, based on which of the three options are chosen in the contract of sale, to search for a suitable replacement property.

And, if this addendum is used, a seller has the right to declare an offer on their existing home null and void if they aren’t able to find, secure financing for, or settle on a suitable replacement property.

Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.