A Short Sale Addendum to Contract to Buy and Sell Real Estate is a legally binding document that is added to an existing real estate purchase and sale agreement in order to modify the terms of the deal when the seller owes more on the property than it is worth. This type of addendum is often used in situations where the seller is looking to avoid foreclosure by negotiating a discounted price with the lender. The Short Sale Addendum typically outlines the terms of the sale, including the purchase price, closing costs, and timeline for completion. It also outlines the buyer's responsibility for paying any outstanding mortgage balances, taxes, and other liens. In some cases, the addendum will also include a contingency that the buyer must be approved for a loan from the lender before the sale is finalized. Types of Short Sale Addendum to Contract to Buy and Sell Real Estate include: • Seller-initiated Short Sale Addendum: This type of addendum is initiated by the seller and outlines the terms of the seller's agreement with the lender. • Buyer-initiated Short Sale Addendum: This type of addendum is initiated by the buyer and outlines the terms of the buyer's agreement with the seller. • Third-Party Short Sale Addendum: This type of addendum is initiated by a third party and outlines the terms of the third party's agreement with the lender.
Short Sale Addendum to Contract to Buy and Sell Real Estate
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FAQ
Name the parties to the contract. Indicate the addendum's effective date, using the same date format used in the original contract. Indicate the elements of the original contract that the addendum intends to change. Concisely but clearly describe the desired changes.
Addendum in Real Estate Just remember, when we ADD to the contact, we use the ADDendum. For example, let's say during the escrow process there's some damage to the carpets done by the pet or child of the seller. The seller agrees to then add a $5,000 credit for new carpet at the close of escrow.
Sellers and buyers can add addenda to the purchase agreement, and both parties must agree to the addenda before signing this legally binding contract.
If there is more than one lienholder or loan secured by the Property, this Addendum applies to each lienholder. The form of this addendum has been approved by the Texas Real Estate Commission for use only with similarly approved or promulgated forms of contracts.
An addendum is used to clarify and add things that were not initially part of the original contract or agreement. Think of addendums as additions to the original agreement (for example, adding a deadline where none existed in the original version).
An addendum is an addition to a finished document, such as a contract. The most common addendum is an attachment or exhibit at the end of such a document. For example, a contract to manufacture widgets may have an addendum listing the specifications for said widgets.
As used in this Addendum, ?Seller's net proceeds? means the Sales Price less Seller's Expenses under Paragraph 12 of the contract and Seller's obligation to pay any brokerage fees.
How to write an addendum to a contract Consider and mirror the language of the original contract. Choose an addendum title. Make clear the parties involved. Clarify the part of the original contract the addendum refers to. Ensure compliance with the original contract and all other relevant regulations.