Get New Jersey Association Of Realtors Addendum Regarding

This guide provides a clear and supportive approach to filling out the New Jersey Association of Realtors Addendum Regarding Possible Short Sales. Navigating legal documents can be challenging, but with step-by-step instructions, you can complete this form confidently and correctly.

Follow the steps to fill out the addendum effectively.

1. Click ‘Get Form’ button to obtain the addendum and open it in your preferred editor.
2. Begin by entering the names of the Seller and Buyer in the designated fields at the top of the form. Ensure you provide accurate legal names to avoid any future complications.
3. Input the complete property address where indicated. Double-check the address for precision, as this will be crucial for identifying the property in question.
4. Read the section titled ‘Short Sale’ carefully. It outlines the nature of the transaction and agrees to the terms stated. This defines the financial condition surrounding the sale.
5. In the ‘Contingency of Approval from Lien Holders of Short Sale’ section, fill in the names of the Designated Lien Holders and the corresponding amounts of their liens. This information is essential for understanding current obligations.
6. Select whether the obligations secured by the liens are currently in default or not by checking the appropriate box.
7. Move on to the ‘Seller's Obligation to Seek Approval’ section. Make a note of the deadline for submitting requests to the Designated Lien Holders and ensure you will comply with this timeframe.
8. Complete the ‘Acknowledgments by the Parties’ section. This section informs both parties of the potential consequences related to the Short Sale, including tax implications. It's a good practice for both parties to consult with a tax advisor if necessary.
9. Review the ‘Changes to the Agreement’ section and understand that any changes necessitated by the Designated Lien Holder should be communicated promptly.
10. Set the deadline for obtaining Consent from the Designated Lien Holders in the specified blank. This timeframe is critical as it influences the validity of the Agreement.
11. Provide timely notice of any consent from Lien Holders as per the requirements outlined in the form.
12. Finalize the document by signing in the presence of a witness. Ensure that all parties sign the form in the designated spaces with the correct dates.
13. Save your changes, then choose an option to download, print, or share the completed addendum as necessary.

Complete your documents online with confidence and clarity today.