Colorado Addendum for Continued Marketing of Property by Seller due to Contingencies

• Category: Real Estate - Contracts - Addendums
• State: Multi-State
• Control #: US-00472-A2
• Format: Word; Rich Text

Description

This form is an Addendum to a Residential Real Estate Sales Contract allowing for the continued marketing of the subject property by the seller while seller completes the process of fulfilling certain contingencies. If another offer is received on the property, seller must notify the buyer that a new offer has been received, and that buyer must waive the contingencies or else property may be sold to new offeror. Adapt to fit your specific circumstances as desired. The Colorado Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in real estate transactions in the state of Colorado. This addendum allows the seller to continue marketing their property and accepting backup offers while the buyer's offer is contingent upon certain conditions being met. The main purpose of this addendum is to protect the seller's interest in the property by allowing them to explore other potential buyers in case the original buyer's offer falls through due to contingencies. Contingencies are conditions that must be met before the sale can be completed, such as a satisfactory home inspection, appraisal, or loan approval. The addendum specifies that the seller may continue marketing the property, scheduling and accepting showings and offers, and entering into backup contracts. It also clarifies that any backup contracts entered into will be contingent upon the termination of the original contract. The Colorado Addendum for Continued Marketing of Property by Seller due to Contingencies is typically used when a buyer's offer includes one or more contingencies, and the seller wants to ensure that they have alternative options in case the original offer falls through. By allowing the seller to continue marketing the property, this addendum helps to mitigate the risk of potential delays or complications in the sale process. It is important to note that there may be different types or variations of this addendum depending on the specific circumstances of the real estate transaction. For example, there may be variations that pertain to specific contingencies such as inspection contingencies, appraisal contingencies, or financing contingencies. These variations would outline the specific conditions under which the seller can continue marketing the property and would be included as an additional addendum to the main Colorado Addendum for Continued Marketing of Property by Seller due to Contingencies. In summary, the Colorado Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that allows sellers in Colorado to continue marketing their property and accepting backup offers while the buyer's offer is contingent upon certain conditions being met. Its main purpose is to protect the seller's interest in the property and provide alternative options in case the original offer falls through.

The Colorado Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in real estate transactions in the state of Colorado. This addendum allows the seller to continue marketing their property and accepting backup offers while the buyer's offer is contingent upon certain conditions being met. The main purpose of this addendum is to protect the seller's interest in the property by allowing them to explore other potential buyers in case the original buyer's offer falls through due to contingencies. Contingencies are conditions that must be met before the sale can be completed, such as a satisfactory home inspection, appraisal, or loan approval. The addendum specifies that the seller may continue marketing the property, scheduling and accepting showings and offers, and entering into backup contracts. It also clarifies that any backup contracts entered into will be contingent upon the termination of the original contract. The Colorado Addendum for Continued Marketing of Property by Seller due to Contingencies is typically used when a buyer's offer includes one or more contingencies, and the seller wants to ensure that they have alternative options in case the original offer falls through. By allowing the seller to continue marketing the property, this addendum helps to mitigate the risk of potential delays or complications in the sale process. It is important to note that there may be different types or variations of this addendum depending on the specific circumstances of the real estate transaction. For example, there may be variations that pertain to specific contingencies such as inspection contingencies, appraisal contingencies, or financing contingencies. These variations would outline the specific conditions under which the seller can continue marketing the property and would be included as an additional addendum to the main Colorado Addendum for Continued Marketing of Property by Seller due to Contingencies. In summary, the Colorado Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that allows sellers in Colorado to continue marketing their property and accepting backup offers while the buyer's offer is contingent upon certain conditions being met. Its main purpose is to protect the seller's interest in the property and provide alternative options in case the original offer falls through.