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  • Form 515 Short Sale Addendum To Purchase And Sale Agreement

Get Form 515 Short Sale Addendum To Purchase And Sale Agreement

SHORT SALE ADDENDUM TO MASSFORMS STANDARD FORM PURCHASE AND SALE AGREEMENT This Addendum is an integral part of the Purchase and Sales Agreement ( the Agreement ) for the above-referenced transaction.

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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.

A standard short sale addendum generally addresses a number of items that are specific and unique to the agreement of sale. These may include: An acknowledgement that the transaction is a short sale, and that as such there are additional third parties that have an interest in the property being sold.

TREC does not promulgate listing or buyer representation agreements, property management contracts, forms for commercial property, or residential leases (other than temporary residential leases used in connection with a sale).

The buyer must deliver the option fee to the title company within three days after the effective date of the contract.

A short sale addendum is intended for a seller of real estate that owes more money on the property than it's worth.

An acknowledgement that the seller can pursue other offers on the property in order to get a higher price.

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. Such approval relates to this contract form only. TREC forms are intended for use only by trained real estate licensees.

This means that the buyer and seller must wait 45 days from the time that they sign the short-sale contract to get the sale price approved by the mortgage lender. If this approval does not come within the 45-day period, the buyer or seller is free to terminate the short sale contract.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232