Cook Illinois Apéndice para la venta de otra propiedad por parte del comprador - Addendum for Sale of Other Property by Buyer

• Category: Bienes Raíces - Contratos - Adendas
• State: Multi-State
• County: Cook
• Control #: US-00472-A7
• Format: Word

Description

El Anexo hace que el Contrato de Compra dependa de la venta de otra propiedad por parte del Comprador. Cook Illinois Addendum for Sale of Other Property by Buyer is a legal document that outlines the terms and conditions related to the sale of a property in Cook County, Illinois, when the buyer still needs to sell another property to finance the purchase. This addendum is commonly used in real estate transactions where the buyer needs the proceeds from the sale of a property to fulfill their financial obligation towards the new property. The Cook Illinois Addendum for Sale of Other Property by Buyer typically includes several key provisions and requirements. These may include: 1. Purchase Price: The addendum specifies the agreed-upon purchase price for the property, subject to the buyer's ability to sell their other property within a specified timeframe. 2. Buyer's Obligation: The addendum outlines the buyer's obligation to diligently market and attempt to sell their other property within the given timeframe. It may include requirements to list the property with a real estate agent or use specific marketing tactics. 3. Timeframe for Sale: The addendum sets a specific time period within which the buyer must sell their other property to complete the purchase of the designated property. This timeframe is negotiable between the parties involved. 4. Seller's Rights: The addendum grants the seller certain rights and protections if the buyer fails to sell their other property within the specified timeframe. This may include the right to terminate the purchase agreement, retain earnest money, or explore alternative offers. 5. Extension Options: The addendum may provide the buyer with the option to request an extension of the sale timeline if they are unable to sell their other property within the initially agreed timeframe. The extension request typically needs to be made in writing and may be subject to negotiation with the seller. 6. Earnest Money: The addendum may stipulate the amount and handling of earnest money, which serves as a deposit to demonstrate the buyer's seriousness about the purchase. It may specify how the earnest money will be handled if the sale of the other property does not occur within the agreed timeframe. There are no specific types or variations of the Cook Illinois Addendum for Sale of Other Property by Buyer mentioned, as it is a standard legal document used for such transactions in Cook County, Illinois. However, variations or additional clauses can be added to cater to the unique requirements of each transaction. It is essential to consult with a qualified real estate attorney or agent to ensure compliance with local laws and accurately reflect the parties' intentions.

Cook Illinois Addendum for Sale of Other Property by Buyer is a legal document that outlines the terms and conditions related to the sale of a property in Cook County, Illinois, when the buyer still needs to sell another property to finance the purchase. This addendum is commonly used in real estate transactions where the buyer needs the proceeds from the sale of a property to fulfill their financial obligation towards the new property. The Cook Illinois Addendum for Sale of Other Property by Buyer typically includes several key provisions and requirements. These may include: 1. Purchase Price: The addendum specifies the agreed-upon purchase price for the property, subject to the buyer's ability to sell their other property within a specified timeframe. 2. Buyer's Obligation: The addendum outlines the buyer's obligation to diligently market and attempt to sell their other property within the given timeframe. It may include requirements to list the property with a real estate agent or use specific marketing tactics. 3. Timeframe for Sale: The addendum sets a specific time period within which the buyer must sell their other property to complete the purchase of the designated property. This timeframe is negotiable between the parties involved. 4. Seller's Rights: The addendum grants the seller certain rights and protections if the buyer fails to sell their other property within the specified timeframe. This may include the right to terminate the purchase agreement, retain earnest money, or explore alternative offers. 5. Extension Options: The addendum may provide the buyer with the option to request an extension of the sale timeline if they are unable to sell their other property within the initially agreed timeframe. The extension request typically needs to be made in writing and may be subject to negotiation with the seller. 6. Earnest Money: The addendum may stipulate the amount and handling of earnest money, which serves as a deposit to demonstrate the buyer's seriousness about the purchase. It may specify how the earnest money will be handled if the sale of the other property does not occur within the agreed timeframe. There are no specific types or variations of the Cook Illinois Addendum for Sale of Other Property by Buyer mentioned, as it is a standard legal document used for such transactions in Cook County, Illinois. However, variations or additional clauses can be added to cater to the unique requirements of each transaction. It is essential to consult with a qualified real estate attorney or agent to ensure compliance with local laws and accurately reflect the parties' intentions.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.