Get Ia Short Sale Addendum
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How to fill out the IA Short Sale Addendum online
The IA Short Sale Addendum is an important document that complements your Purchase Agreement by addressing the terms of a short sale transaction in Iowa. This guide will walk you through the process of completing this form online, ensuring clarity and comprehensiveness.
Follow the steps to complete the IA Short Sale Addendum online.
- Click ‘Get Form’ button to obtain the form and open it in the online editor.
- In the first section labeled 'The Parties,' fill in the date of the Purchase Agreement and the names of the Seller and Buyer. Also, include the property address and its city and state.
- In the 'Short Sale Consent' section, input the number of days the Seller has to obtain written consent from their creditor(s) after the Effective Date.
- Under 'Termination of Agreement,' be aware of the conditions under which the Buyer can terminate the Agreement, which are clearly outlined. This section does not require user input but is crucial for understanding the terms.
- In the 'Terms of Agreement' section, note that all timelines will start from the date the Buyer receives the creditor(s) written consent; no action is required here.
- In the 'Marketing the Property' section, note that the Seller may still market the property. This section also does not require input but is important for the Buyer to understand.
- In the 'Closing Date' section, fill in either the specified date from the Agreement or indicate a number of days from the Seller's notification regarding the creditor’s consent.
- Finally, ensure all parties sign and date the document in the signature section, including print names for clarity.
- Once completed, save your changes to avoid losing your information. You can then download, print, or share the completed form as needed.
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A key provision in every short sale addendum is the lender's acceptance of the sale terms, which confirms they will allow a sale to occur even if it results in a loss. This provision lays the groundwork for the sale and helps protect both the buyer and seller from future disputes. Incorporating an IA Short Sale Addendum establishes clear expectations for all parties involved. It's wise to consult a reputable source like uslegalforms for the right templates and guidance.
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