Addendum For Sale Of Other Property By Buyer Explained For Dummies
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How to fill out Addendum For Sale Of Other Property By Buyer?
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FAQ
When is the TREC Addendum for Sale of Other Property by Buyer used? The answer is when a new lender will not approve the loan on the new property until a mortgage on an existing property is paid in full.
The addendum should detail all the terms different from the original purchase agreement: changes, alterations, deletions, and additions the document is making to the original contract. Furthermore, the addendum should reference the specific section or provision number in the contract affected by the change.
Description: This Addendum is used if the Buyers will be unable to buy the new property unless their existing property is sold and closed.
An addendum is a separate document created and attached to a signed contract to add nuances to or extend the terms and conditions of the contract. The original terms and conditions remain intact. An amendment, on the other hand, is a change to the original contract that alters some of its original clauses or sections.
Purpose of the addendum for sale of other property In instances where the buyer needs to sell their existing property to finance the purchase of a new one, this addendum provides assurance they won't lose their deposit should the sale of their existing property not go through.
