We want to give vendor the security of knowing that his house is sold but we can't risk two mortgages so want the completion date to be based on selling our house.|||It can be, yes, the contract is an assurance that you will complete the transaction
In other words, you "contract" to "complete" the sale at some future date..
The final completion date can be left open, but ask yourself, if you were the buyer, would you like to be left up in the air like that?. What are they supposed to do in the meantime if they have sold their house?
Why don't you complete the deal as soon as you can, get their money and then you can take a 6 month short term rental and take your time looking for your next house. The rent will probably equal your present mortgage payment, so you will not be out of pocket and don't forget the money from the sale of your house will be drawing a nice interest.
In this market, if you have a buyer, for goodness sake don't muddy the waters, get their money!!!!!
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