When looking to purchase new construction homes in Stonington, many buyers still have a home to sell. In a traditional sale, many buyers use what is known as a Hubbard Clause. This Hubbard Clause allows the buyer to protect their deposit while they try to sell their current home. The details of a Hubbard Clause can vary between attorneys and builders, however, it usually has a term for which the buyer has the first right of refusal on the property. Someone else may write an offer on the house, but the Hubbard buyer can continue through with the deal if they have the ability to purchase the home without selling their house. If not, they release the Hubbard Clause, and the backup offer slides in and purchases the home.
In Stonington and other developments, not all builders will accept Hubbard Clauses. They rarely accept them for customized homes. However, when purchasing a model home or spec house, often the finishing touches are all standard. They are open to the idea of moving inventory, and a Hubbard will help them do just that.
If you need to use a Hubbard Clause to purchase a house, either talk to a real estate attorney or give us a call about our marketing plan and what we would do as your real estate agent.