Addendum for Sale of Other Property by Buyer
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FAQ
The buyer can force the seller to complete the sale. In the event the buyer wins, the seller is legally compelled to sell the property to the buyer.
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.
An addendum to a real estate contract or purchase agreement is a document attached to and made a part of the original contract at the time it is prepared. It can be explanatory, informational, or indicate other requirements that aren't clearly spelled out in the contract.
What's a Seller Addendum? It's an addition to the normal sale and purchase agreement that severely limits Seller's liability during and after the sale process. For example, the Seller Addendum might limit damages to which Buyer is entitled in the event Seller fails to disclose some problem with the property.
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.
A second buyer's addendum is an addendum to a purchase and sale agreement between a seller and a second buyer. This agreement states that if the first buyer does not close the sale or waive the contingency within a specified time period, the first sale will terminate and this second agreement will become effective.
Use a writing font that is consistent with the original contract so the two documents are aesthetically similar. Be specific in naming all parties associated with the contract. Specify the date that the addendum goes into effect.
Backing out of a home sale can have costly consequences A home seller who backs out of a purchase contract can be sued for breach of contract. A judge could order the seller to sign over a deed and complete the sale anyway. The buyer could sue for damages, but usually, they sue for the property, Schorr says.
Complete the addendum, including your name, the purchaser's name and a description of the property. Include the type of financing that you are providing, such as first mortgage, second mortgage or deed of trust. List the terms of the loan.
