US Legal Forms
Spec Forms
Arizona
Short Sale Addendum to Contract for the Price...

Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate

Q: What is the difference between an offer to purchase and a purchase and sale agreement?

The Purchase &amp; Sale Agreement (P&amp;S) is a legally binding contract that dictates how the sale of a home will proceed. It comes after the Offer to Purchase, and supersedes that earlier document once it&#039;s signed. The P&amp;S is more substantial than the offer and can seem pretty complicated, so I&#039;m going to break it down.

Q: What&#039;s the purpose of the TREC approved short sale addendum?

What&#039;s the purpose of the TREC-approved Short Sale Addendum? To create provisions related to the lienholder&#039;s consent to the sale.

Category:

Real Estate - Contracts - Addendums

State:

Multi-State

Control #:

US-01185BG

Format:

Instant download

Description

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.

Kansas Business Incorporation Questionnaire

View this form

Kentucky Business Incorporation Questionnaire

View this form

Louisiana Business Incorporation Questionnaire

View this form

Maine Business Incorporation Questionnaire

View this form

Maryland Business Incorporation Questionnaire

View this form

Massachusetts Business Incorporation Questionnaire

View this form

Michigan Business Incorporation Questionnaire

View this form

Job Acceptance Letter for SEO Expert

View this form

Nondisclosure and Commission Agreement Bet...

View this form

Opinion of Lehman Brothers

View this form

Complaint against Nurse and Correctional I...

View this form

Sample Letter for Anticipated Exhibits to ...

View this form

Waiver of Notice and Consent to Holding of...

View this form

Bill of Sale for Motorcycle

View this form

Dog Walking Service Agreement

View this form

General Form of Marketing Agreement for Co...

View this form

A11 Letters of Limited Guardianship and Co...

View this form

How to fill out Short Sale Addendum To Contract For The Price, Purchase And Sale Of Real Estate?

US Legal Forms - one of the largest collections of legal forms in the United States - provides a diverse selection of legal document types that you can obtain or print.

By using the website, you can locate thousands of forms for business and personal use, categorized by types, states, or keywords. You can find the latest versions of forms such as the Arizona Short Sale Addendum to Contract for the Price, Purchase, and Sale of Real Estate within seconds.

If you have a monthly subscription, Log In and obtain the Arizona Short Sale Addendum to Contract for the Price, Purchase, and Sale of Real Estate from the US Legal Forms library. The Download button will appear on every form you view. You have access to all previously downloaded forms in the My documents tab of your account.

Process the transaction. Use your Visa or Mastercard or PayPal account to complete the payment.

Choose the format and download the form to your device. Edit. Fill out, modify, and print and sign the downloaded Arizona Short Sale Addendum to Contract for the Price, Purchase, and Sale of Real Estate. Each form you add to your account does not have an expiration date and belongs to you indefinitely. So, if you want to acquire or print another version, just head to the My documents section and click on the form you desire. Gain access to the Arizona Short Sale Addendum to Contract for the Price, Purchase, and Sale of Real Estate with US Legal Forms, the largest library of legal document types. Utilize thousands of professional and state-specific templates that cater to your business or personal needs.

Make sure you have selected the correct form for your city/county.
Click the Review button to examine the form's content.
Read the form overview to confirm that you have selected the proper form.
If the form does not meet your needs, utilize the Search area at the top of the screen to find one that does.
If you are satisfied with the form, confirm your choice by clicking the Get now button.
Then, choose the pricing plan you prefer and provide your details to register for an account.

Form popularity

FAQ

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.

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.

The Purchase & Sale Agreement (P&S) is a legally binding contract that dictates how the sale of a home will proceed. It comes after the Offer to Purchase, and supersedes that earlier document once it's signed. The P&S is more substantial than the offer and can seem pretty complicated, so I'm going to break it down.

A short sale happens when a homeowner owes more on the mortgage balance than the market value or sale price of the property at the point the owner wants to sell. For a short sale, the homeowner is essentially asking the mortgage lender (typically a bank) to accept a lesser amount than the total mortgage owed.

What's the purpose of the TREC-approved Short Sale Addendum? To create provisions related to the lienholder's consent to the sale.

Writing a Contract Addendum Name the parties to the contract. Indicate the addendum's effective date, using the same date format used in the original contract. Indicate the elements of the original contract that the addendum intends to change. Concisely but clearly describe the desired changes.

A short sale is when a mortgage lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed owner. The lender forgives the remaining balance of the loan.

A short sale addendum is a critical document in many short sale transactions because it provides the details regarding some of the following:Contingencies upon which a contract can be canceled or executed. Bank's approval of the short sale. Specific time period the buyer is willing to wait for short sale approval.

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.

Are Short Sale Home Prices Negotiable? Short sale home prices are negotiable, but not in the same way as the sale price in a traditional purchase is. As the seller, you may be motivated to get rid of the propertybut the mortgage lender must ultimately decide whether to accept an offer.

Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate

Description

Related forms

Viewed forms

How to fill out Short Sale Addendum To Contract For The Price, Purchase And Sale Of Real Estate?

Form popularity

FAQ

What is an addendum example?

What is the most common sales contract addendum real estate?

What is the difference between an offer to purchase and a purchase and sale agreement?

What is the difference between a short sale and a regular sale?

What's the purpose of the TREC approved short sale addendum?

How do you write a change in price addendum?

What's the purpose of a short sale?

What is short sale addendum?

How do you write a purchase price addendum?

Is a short sale price negotiable?

Trusted and secure by over 3 million people of the world’s leading companies

Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate

Description

Related forms

Viewed forms

How to fill out Short Sale Addendum To Contract For The Price, Purchase And Sale Of Real Estate?

Form popularity

FAQ

What is an addendum example?

What is the most common sales contract addendum real estate?

What is the difference between an offer to purchase and a purchase and sale agreement?

What is the difference between a short sale and a regular sale?

What's the purpose of the TREC approved short sale addendum?

How do you write a change in price addendum?

What's the purpose of a short sale?

What is short sale addendum?

How do you write a purchase price addendum?

Is a short sale price negotiable?

Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate Related Searches

Trusted and secure by over 3 million people of the world’s leading companies