Florida 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 Florida Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in real estate transactions in the state of Florida. This addendum allows the seller to continue marketing their property even after an offer has been accepted, provided that certain contingencies are still in effect. This addendum is typically used when a buyer has made an offer on a property, but certain contingencies exist that may affect the final sale. These contingencies could include the buyer's ability to secure financing, inspections, or resolving any other issues that may arise during the due diligence period. The addendum outlines the specific contingencies that are in place and defines the time frame in which the seller is allowed to continue marketing the property. It also clarifies that the seller's acceptance of another offer does not automatically terminate the initial contract with the first buyer. Instead, it establishes a procedure for the seller to provide notice to the first buyer if they receive another acceptable offer. This addendum is designed to protect the seller's interests by allowing them to continue marketing the property while still giving the first buyer an opportunity to fulfill the contingencies. It allows the seller to potentially receive backup offers during this time period, which may provide financial security in case the first buyer is unable to proceed with the purchase. Different types of Florida Addendum for Continued Marketing of Property by Seller due to Contingencies may exist depending on the specific contingencies involved. For example, there could be one addendum for financing contingencies, another for inspection contingencies, or a combined addendum that covers multiple contingencies. It is important to note that the use of this addendum should be discussed and agreed upon by both the seller and the buyer. Both parties should review the terms and conditions of the addendum carefully and consult with their respective real estate agents or attorneys if needed. Ultimately, this addendum serves as a tool to address potential uncertainties and ensure a smooth real estate transaction process in Florida.

The Florida Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in real estate transactions in the state of Florida. This addendum allows the seller to continue marketing their property even after an offer has been accepted, provided that certain contingencies are still in effect. This addendum is typically used when a buyer has made an offer on a property, but certain contingencies exist that may affect the final sale. These contingencies could include the buyer's ability to secure financing, inspections, or resolving any other issues that may arise during the due diligence period. The addendum outlines the specific contingencies that are in place and defines the time frame in which the seller is allowed to continue marketing the property. It also clarifies that the seller's acceptance of another offer does not automatically terminate the initial contract with the first buyer. Instead, it establishes a procedure for the seller to provide notice to the first buyer if they receive another acceptable offer. This addendum is designed to protect the seller's interests by allowing them to continue marketing the property while still giving the first buyer an opportunity to fulfill the contingencies. It allows the seller to potentially receive backup offers during this time period, which may provide financial security in case the first buyer is unable to proceed with the purchase. Different types of Florida Addendum for Continued Marketing of Property by Seller due to Contingencies may exist depending on the specific contingencies involved. For example, there could be one addendum for financing contingencies, another for inspection contingencies, or a combined addendum that covers multiple contingencies. It is important to note that the use of this addendum should be discussed and agreed upon by both the seller and the buyer. Both parties should review the terms and conditions of the addendum carefully and consult with their respective real estate agents or attorneys if needed. Ultimately, this addendum serves as a tool to address potential uncertainties and ensure a smooth real estate transaction process in Florida.