District of Columbia 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. District of Columbia Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in the real estate industry in the District of Columbia. This addendum is specifically designed to address situations where a seller wishes to continue marketing their property for potential buyers even though there are certain contingencies involved. A contingency, in real estate terms, refers to a condition that must be fulfilled before a contract or agreement can be considered binding. Common contingencies may include the buyer obtaining financing, successful completion of a home inspection, or the sale of the buyer's existing property. These conditions can often slow down the sale process, and sellers may wish to continue marketing their property to attract potential backup offers should the current contract fall through. The District of Columbia Addendum for Continued Marketing of Property by Seller due to Contingencies allows the seller to notify the buyer that they intend to continue marketing their property during the contingency period. This addendum typically provides a specific timeframe, within which the seller can solicit and accept backup offers. It is important to note that there may be variations of this addendum based on specific contingencies. For example, there could be a separate addendum for continuing marketing specifically in case of financing contingencies, or another addendum in case of home inspection contingencies. These variations ensure that the addendum aligns with the specific circumstances of each transaction and provides the necessary legal protections for all parties involved. In summary, the District of Columbia Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that allows sellers to continue marketing their property during the contingency period. It can include variations tailored to specific contingencies, ensuring that both the buyer and seller are protected and well-informed throughout the real estate transaction process.

District of Columbia Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in the real estate industry in the District of Columbia. This addendum is specifically designed to address situations where a seller wishes to continue marketing their property for potential buyers even though there are certain contingencies involved. A contingency, in real estate terms, refers to a condition that must be fulfilled before a contract or agreement can be considered binding. Common contingencies may include the buyer obtaining financing, successful completion of a home inspection, or the sale of the buyer's existing property. These conditions can often slow down the sale process, and sellers may wish to continue marketing their property to attract potential backup offers should the current contract fall through. The District of Columbia Addendum for Continued Marketing of Property by Seller due to Contingencies allows the seller to notify the buyer that they intend to continue marketing their property during the contingency period. This addendum typically provides a specific timeframe, within which the seller can solicit and accept backup offers. It is important to note that there may be variations of this addendum based on specific contingencies. For example, there could be a separate addendum for continuing marketing specifically in case of financing contingencies, or another addendum in case of home inspection contingencies. These variations ensure that the addendum aligns with the specific circumstances of each transaction and provides the necessary legal protections for all parties involved. In summary, the District of Columbia Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that allows sellers to continue marketing their property during the contingency period. It can include variations tailored to specific contingencies, ensuring that both the buyer and seller are protected and well-informed throughout the real estate transaction process.