The Arizona Addendum for Purchase of Other Property by Seller is a legal document used in real estate transactions in the state of Arizona. It is an addendum that can be added to a purchase contract when the seller wants to include a contingency that allows them to purchase another property before completing the sale of their current property. This addendum is typically used by sellers who need to sell their current property in order to finance the purchase of a new property. By adding this contingency, the seller can protect themselves from being forced to sell their current property before securing a new one. The Arizona Addendum for Purchase of Other Property by Seller specifies the conditions under which the seller can cancel the agreement or extend the closing date to accommodate the purchase of the new property. The addendum may outline the timeframe within which the seller has to locate and secure a new property and provide evidence of their ability to finance the purchase. There may be different types of Arizona Addendum for Purchase of Other Property by Seller, depending on the specific terms and conditions included. Some variations may include provisions for the seller to provide notice to the buyer if they find a new property, while others may allow the seller to cancel the agreement if they are unable to find a new property within a certain timeframe. In summary, the Arizona Addendum for Purchase of Other Property by Seller is an important document that allows sellers in Arizona to include a contingency in the purchase contract to protect their interests when they need to purchase another property before completing the sale of their current property.
Arizona Addendum for Purchase of Other Property by Seller
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How to fill out Addendum For Purchase Of Other Property By Seller?
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End with an addendum to ensure you always get the last word in Word.Open the Word document to receive the addendum.Scroll to the last part of the document or press the Page Down key.Place the cursor to the right of the last character in the document.Type the word Addendum on the new line.More items...
This Seller Standard Addendum is attached to and is made a part of the Offer, Counter Offer, Purchase Contract, or other documents executed in. connection with the purchase of the Premises.
An example of an addendum being used would be if the parties wanted to add something to the original document. For instance, an individual who is purchasing a house may not want to purchase all of the furniture that is being left behind. However, after thinking about it further, he changes his mind.
An addendum is an additional document that gets added to the purchase and sale agreement. The document will include any additional information or requests that the buyer did not put into the original purchase and sale agreement.
A real estate addendum modifies an original lease or purchase agreement. Items in the addendum could reflect a change in the agreed-upon price, what is included in the transfer of property, what improvements must be made before the home is paid for, or any other agreed-upon requests or responsibilities.
Buyer contingencies are the most common addenda, according to Justin Ostow, a top real estate agent in Tampa, Florida, who completes 10% more sales than the average agent. Contingencies dictate certain conditions which must be met for the contract to go through.
A contract addendum is a post-contract attachment that modifies, alters, or totally changes some of the terms of a previously established contract. Typically, this adds something new to a preexisting document. Once all parties named in a contract agree to an addendum, it becomes a part of the new contract.
To write a contract addendum, start with a title that connects the addendum to the original contract by writing something like, Addendum to January 2, 2018 Employment Contract. Then, say This contract is between2026 and specify the parties along with the date the addendum will become effective.
How to Create a Purchase Addendum (4 steps)Step 1 Get the Original Purchase Agreement. The buyer and seller should get a copy of the original purchase agreement.Step 2 Write the Addendum. Complete a blank addendum (Adobe PDF, Microsoft Word (.Step 3 Parties Agree and Sign.Step 4 Add to the Purchase Agreement.
