In real estate, a short sale occurs when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor (i.e., the seller). Circumstances determine whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing.
This form is a sample of an Addendum to a standard real estate sales contract in order to incorporate the short sales provisions. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Lima Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a crucial legal document used in real estate transactions involving properties in Lima, Arizona. This addendum serves as an additional agreement between the buyer and seller, outlining important terms and conditions specific to short sale transactions. Keywords: Lima Arizona, short sale, addendum, contract, price, purchase, sale, real estate. Different Types of Lima Arizona Short Sale Addendum to Contract: 1. Standard Short Sale Addendum: This is the most commonly used type of addendum, which establishes the terms and conditions for a short sale transaction in Lima, Arizona. It includes details regarding the purchase price, buyer's obligations, seller's obligations, and any additional provisions specific to the short sale process. 2. Financing Contingency Addendum: This addendum is used when the buyer wishes to make their purchase contingent upon securing suitable financing for the property. It outlines the terms and conditions related to financing and provides a timeframe for the buyer to obtain necessary loan approvals. 3. Repair Addendum: In some cases, buyers may require certain repairs or improvements to be made by the seller prior to the sale. This addendum specifies the necessary repairs or improvements, their cost, and a timeline for completion. 4. Occupancy Addendum: This addendum is used when the buyer intends to occupy the property immediately after the sale. It includes details such as the date of occupancy, any rent or security deposit, and the seller's responsibilities for vacating the property. 5. Title Contingency Addendum: This addendum is used to add a contingency related to the title search and insurance for the property. It specifies a timeframe for conducting a title search, resolving any title issues, and obtaining title insurance. 6. Home Inspection Addendum: This addendum allows the buyer to conduct a professional home inspection before finalizing the purchase of the property. It outlines the inspection process, any repair requests, and a timeframe for resolution. 7. Appraisal Contingency Addendum: This addendum includes a contingency based on the property's appraised value. If the appraisal comes in lower than the agreed purchase price, the buyer may have the option to renegotiate or terminate the contract. In conclusion, Lima Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a crucial document that ensures transparency and clarity in short sale transactions. Different types of addenda may be required based on specific circumstances and contingencies involved.Lima Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a crucial legal document used in real estate transactions involving properties in Lima, Arizona. This addendum serves as an additional agreement between the buyer and seller, outlining important terms and conditions specific to short sale transactions. Keywords: Lima Arizona, short sale, addendum, contract, price, purchase, sale, real estate. Different Types of Lima Arizona Short Sale Addendum to Contract: 1. Standard Short Sale Addendum: This is the most commonly used type of addendum, which establishes the terms and conditions for a short sale transaction in Lima, Arizona. It includes details regarding the purchase price, buyer's obligations, seller's obligations, and any additional provisions specific to the short sale process. 2. Financing Contingency Addendum: This addendum is used when the buyer wishes to make their purchase contingent upon securing suitable financing for the property. It outlines the terms and conditions related to financing and provides a timeframe for the buyer to obtain necessary loan approvals. 3. Repair Addendum: In some cases, buyers may require certain repairs or improvements to be made by the seller prior to the sale. This addendum specifies the necessary repairs or improvements, their cost, and a timeline for completion. 4. Occupancy Addendum: This addendum is used when the buyer intends to occupy the property immediately after the sale. It includes details such as the date of occupancy, any rent or security deposit, and the seller's responsibilities for vacating the property. 5. Title Contingency Addendum: This addendum is used to add a contingency related to the title search and insurance for the property. It specifies a timeframe for conducting a title search, resolving any title issues, and obtaining title insurance. 6. Home Inspection Addendum: This addendum allows the buyer to conduct a professional home inspection before finalizing the purchase of the property. It outlines the inspection process, any repair requests, and a timeframe for resolution. 7. Appraisal Contingency Addendum: This addendum includes a contingency based on the property's appraised value. If the appraisal comes in lower than the agreed purchase price, the buyer may have the option to renegotiate or terminate the contract. In conclusion, Lima Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a crucial document that ensures transparency and clarity in short sale transactions. Different types of addenda may be required based on specific circumstances and contingencies involved.
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.
