Some state real estate commissions require the use of a buyout addendum when a real estate broker enters into a contract to purchase a property: i) concurrent with the listing of such property; ii) as an inducement or to facilitate the property owner's purchase of another property; or iii) continues to market that property on behalf of the owner under an existing listing contract.
It is generally recommended that a real estate broker use such an addendum when he/she continues to market the property and is only agreeing to buy it to make the deal. If a licensee actually wants to own the property, using the addendum does not solve the conflict of interest.
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.
Fulton Georgia Real Estate Broker Buyout and Price Addendum to Contract to Buy and Sell Real Estate is a legally binding document that outlines the agreement between a buyer and a real estate broker in Fulton, Georgia. This addendum is put in place to address specific details related to the purchase price of the property and any potential broker buyout options. In Fulton, Georgia, there are different types of Real Estate Broker Buyout and Price Addendum to Contract to Buy and Sell Real Estate. These include: 1. Price Negotiation Addendum: This addendum allows the buyer and the real estate broker to negotiate and modify the purchase price of the property. It may account for factors such as repairs or improvements needed, market conditions, or changes in financing options. 2. Broker Buyout Addendum: This addendum outlines the conditions under which a real estate broker has the option to buy out the buyer's contract or purchase the property themselves. It may specify the timeframe, the process, and the financial terms associated with the buyout. 3. Contingency Addendum: This addendum allows for certain contingencies to be met before the finalization of the purchase price. Examples of contingencies include appraisal value, inspection results, or loan approval. The addendum ensures that a fair market price can be determined based on these contingencies. The Fulton Georgia Real Estate Broker Buyout and Price Addendum to Contract to Buy and Sell Real Estate is an essential document in any real estate transaction. It provides clarity and protection for both the buyer and the real estate broker involved, ensuring a smooth process while addressing any potential issues or modifications related to the purchase price. It is crucial for all parties to carefully review and understand the terms outlined in the addendum before proceeding with the transaction.
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.
