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

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Multi-State
Control #:
US-00472-A2
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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 Indiana Addendum for Continued Marketing of Property by Seller due to Contingencies is a legally binding document that allows sellers in the state of Indiana to continue marketing their property for sale, despite the existence of certain contingencies. Contingencies can include various factors such as pending inspections, appraisal, or financing. This addendum grants sellers the ability to solicit and consider backup offers while a primary offer is still contingent. The purpose of this addendum is to ensure that sellers have the opportunity to secure alternative buyers in case the primary offer falls through due to the contingency. By using this addendum, sellers can continue marketing their property and accepting backup offers, thereby maximizing their chances of completing a successful sale. There are different types of the Indiana Addendum for Continued Marketing of Property by Seller due to Contingencies, based on the specific contingency that exists. For example, there may be separate addendums for contingencies related to inspections, appraisals, or financing. Each addendum is designed to address the specific contingencies that sellers may encounter during the sales process. It is important for sellers to carefully review and understand the terms and conditions of this addendum before using it. They should consult with their real estate agent or an attorney to ensure compliance with state laws and regulations. By utilizing this addendum effectively, sellers can mitigate the risks associated with contingencies and maintain a proactive approach to selling their property.

The Indiana Addendum for Continued Marketing of Property by Seller due to Contingencies is a legally binding document that allows sellers in the state of Indiana to continue marketing their property for sale, despite the existence of certain contingencies. Contingencies can include various factors such as pending inspections, appraisal, or financing. This addendum grants sellers the ability to solicit and consider backup offers while a primary offer is still contingent. The purpose of this addendum is to ensure that sellers have the opportunity to secure alternative buyers in case the primary offer falls through due to the contingency. By using this addendum, sellers can continue marketing their property and accepting backup offers, thereby maximizing their chances of completing a successful sale. There are different types of the Indiana Addendum for Continued Marketing of Property by Seller due to Contingencies, based on the specific contingency that exists. For example, there may be separate addendums for contingencies related to inspections, appraisals, or financing. Each addendum is designed to address the specific contingencies that sellers may encounter during the sales process. It is important for sellers to carefully review and understand the terms and conditions of this addendum before using it. They should consult with their real estate agent or an attorney to ensure compliance with state laws and regulations. By utilizing this addendum effectively, sellers can mitigate the risks associated with contingencies and maintain a proactive approach to selling their property.

How to fill out Indiana Addendum For Continued Marketing Of Property By Seller Due To Contingencies?

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FAQ

A contingency clause often states that your offer to buy property is contingent upon X,Y, & Z. For example, the contingency clause may state, The buyer's obligation to purchase the real property is contingent upon the property appraising for a price at or above the contract purchase price.

To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. These agreements are legally binding contracts, which is why backing out of them can be complicated, and something that most people want to avoid.

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 bottom line. Overall, successful contingent offers are common. According to the National Association of Realtors (NAR), 76 percent of all homes sold in January 2018 had contingencies. Among contingent offers, less than five percent fall through, according to multiple sources.

Make an Offer Like a Boss#1 Know Your Limits. Your agent will help you craft a winning offer.#2 Learn to Speak "Contract"#3 Set Your Price.#4 Figure Out Your Down Payment.#5 Show the Seller You're Serious: Make a Deposit.#6 Review the Contingency Plans.#7 Read the Fine Print About the Property.#8 Make a Date to Settle.More items...

An example of a contingency is the unexpected need for a bandage on a hike. The definition of a contingency is something that depends on something else in order to happen. An example of contingency is a military strategy that can't go forward until an earlier piece of the war plan is complete.

Contingent in any sense means depending on certain circumstances. In real estate, when a house is listed as contingent, it means that an offer has been made and accepted, but before the deal is complete, some additional criteria must be met.

A contingency clause is a contract provision requiring a specific event or action to occur in order for the contract to be considered valid. If the party required to satisfy the contingency clause is unable to do so, the other party is released from its obligations.

What is an appraisal contingency addendum? An addendum is a separate form that, once signed by the buyer and seller, becomes part of the sales contract. Appraisal contingency addendums are state-specific and allow buyers to move forward with their purchase under certain agreed-upon conditions.

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