What do concurrent conditions at closing imply?

Concurrent conditions at closing imply that the obligations of both parties must be performed simultaneously. This concept is fundamental in real estate transactions where the buyer and seller have certain conditions or obligations that need to be fulfilled in conjunction with one another during the closing process.

For example, if the seller is required to transfer the deed of the property to the buyer, the buyer must simultaneously provide the payment for the property. If one party fails to perform their obligation, it typically gives the other party the right to delay or refuse to complete the transaction, as the deal hinges on the synchronized fulfillment of these conditions. This necessity for simultaneous performance helps ensure that both parties are protected and that the transaction is executed fairly and adequately.

Understanding that concurrent conditions require simultaneous actions strengthens the comprehension of contractual obligations in real estate transactions, reinforcing the idea that both parties must act in unison to successfully close the deal.