The Arizona Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that is used in real estate transactions in the state of Arizona. This addendum allows the seller to continue marketing their property for sale even if there are certain contingencies that have not been satisfied. Contingencies are conditions that need to be met in order for the contract to be binding. These conditions can include items like home inspections, financing approvals, or repairs that need to be made. The purpose of this addendum is to give the seller the ability to keep their property on the market and entertain other offers while waiting for these contingencies to be satisfied. There are different types of Arizona Addendum for Continued Marketing of Property by Seller due to Contingencies: 1. Standard Addendum: This is the most common type of addendum used in Arizona real estate transactions. It allows the seller to continue marketing their property while contingencies are being addressed. 2. Specific Contingency Addendum: This addendum is used when there are specific contingencies that need to be addressed. It outlines the specific conditions that need to be met before the property can close and allows the seller to keep marketing the property until these conditions are satisfied. 3. Inspection Contingency Addendum: This addendum is used when there are issues found during the home inspection that need to be addressed. It allows the seller to continue marketing the property while repairs or negotiations are being made to satisfy the inspection contingency. 4. Financing Contingency Addendum: This addendum is used when there are financing issues that need to be resolved. It allows the seller to keep marketing the property while the buyer is working on obtaining financing or resolving any financing-related contingencies. In summary, the Arizona Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that allows the seller to continue marketing their property while certain contingencies are being addressed. This addendum comes in different types based on the specific contingencies that need to be satisfied.
Arizona Addendum for Continued Marketing of Property by Seller due to Contingencies
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FAQ
Contingent in any sense means depending on certain circumstances. In real estate, when a house is listed as contingent, it means that an offer has been made and accepted, but before the deal is complete, some additional criteria must be met.
You may write an offer on the home you wish to purchase with a concurrency addendum. This means you are offering to purchase the new home when yours sells, but you are not asking the seller of the home you want to buy to take theirs off the market until yours sells.
If a seller wrote a contingency of sale into the contract, they can legally walk away if the house they were trying to buy fell through. It's important to understand that this contingency must be explicitly written into the contract in order for a seller to be able to back out without ramifications.
An example of a contingency is the unexpected need for a bandage on a hike. The definition of a contingency is something that depends on something else in order to happen. An example of contingency is a military strategy that can't go forward until an earlier piece of the war plan is complete.
Contingency clauses provide a way for one or both parties to back out of a real estate contract if certain specified conditions are not met. In other words, the sale is contingent upon these conditions.
What is an appraisal contingency addendum? An addendum is a separate form that, once signed by the buyer and seller, becomes part of the sales contract. Appraisal contingency addendums are state-specific and allow buyers to move forward with their purchase under certain agreed-upon conditions.
A contingency clause is a contract provision requiring a specific event or action to occur in order for the contract to be considered valid. If the party required to satisfy the contingency clause is unable to do so, the other party is released from its obligations.
Home inspection contingencies are one of the most common home buying contingencies. According to NAR, around 80% of homebuyers include a home inspection contingency in their purchase agreement. Home inspection contingencies are one of the most common home buying contingencies.
The bottom line. Overall, successful contingent offers are common. According to the National Association of Realtors (NAR), 76 percent of all homes sold in January 2018 had contingencies. Among contingent offers, less than five percent fall through, according to multiple sources.
