Addendum For Sale Of Other Property By Buyer Explained With Example

• Category: Real Estate - Contracts - Addendums
• State: Multi-State
• Control #: US-00472-A7
• Format: Word; Rich Text

Description

The Addendum for Sale of Other Property by Buyer serves as a crucial legal document that stipulates the conditions under which a buyer's purchase of a property is contingent upon the sale of another property. For instance, if a buyer needs to sell their current home at a specified address before proceeding with the purchase, they must ensure that the sale is completed by a specified date. If this condition is not met, the contract automatically terminates, and any earnest money is refunded to the buyer. Key features of this addendum include the requirement for the seller to notify the buyer of an accepted offer, the necessity for written notification to waive the contingency, and the penalties for failure to close due to non-receipt of proceeds. Attorneys, partners, owners, associates, paralegals, and legal assistants often find this form beneficial as it helps them clearly establish liability and protect the interests of their clients. Filling and editing instructions emphasize the importance of accuracy in dates and conditions, ensuring users understand that all communications must be made in writing to be enforceable. This form is particularly useful in residential real estate transactions where timing and financial contingencies are critical for successful closings.