Kentucky 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 Kentucky Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document commonly used in real estate transactions in the state. It is designed to address situations where the seller wishes to continue marketing the property for additional offers while there are still contingencies in place. This addendum allows the seller to continue advertising and showing the property to potential buyers, even after a contract has been signed. It is typically used when there are contingencies involved, such as the need for inspections, financing approval, or other conditions that need to be met before finalizing the sale. The purpose of this addendum is to protect the seller's interests and provide them with the opportunity to receive backup offers in case the initial contract falls through due to the contingencies. It gives the seller the ability to accept a better offer if one is presented, provided that the original contract is contingent on the satisfaction of those specific conditions. Different types of Kentucky Addendum for Continued Marketing of Property by Seller due to Contingencies may include variations based on specific contingencies involved in the transaction. For example, there may be addendums specifically tailored for contingencies related to inspections, financing, appraisal, or any other condition that may affect the sale. It is important for both the buyer and seller to thoroughly understand and agree upon the terms of the addendum before signing. The addendum should clearly state the time period during which the seller has the right to continue marketing the property and the conditions that need to be met for the addendum to be voided. In summary, the Kentucky Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that allows the seller to actively market the property while contingencies are still in place. It gives the seller the opportunity to receive backup offers and potentially accept a better deal if the initial contract fails to close due to the contingencies. Various types of addendums may exist based on the specific contingencies involved in the transaction.

The Kentucky Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document commonly used in real estate transactions in the state. It is designed to address situations where the seller wishes to continue marketing the property for additional offers while there are still contingencies in place. This addendum allows the seller to continue advertising and showing the property to potential buyers, even after a contract has been signed. It is typically used when there are contingencies involved, such as the need for inspections, financing approval, or other conditions that need to be met before finalizing the sale. The purpose of this addendum is to protect the seller's interests and provide them with the opportunity to receive backup offers in case the initial contract falls through due to the contingencies. It gives the seller the ability to accept a better offer if one is presented, provided that the original contract is contingent on the satisfaction of those specific conditions. Different types of Kentucky Addendum for Continued Marketing of Property by Seller due to Contingencies may include variations based on specific contingencies involved in the transaction. For example, there may be addendums specifically tailored for contingencies related to inspections, financing, appraisal, or any other condition that may affect the sale. It is important for both the buyer and seller to thoroughly understand and agree upon the terms of the addendum before signing. The addendum should clearly state the time period during which the seller has the right to continue marketing the property and the conditions that need to be met for the addendum to be voided. In summary, the Kentucky Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that allows the seller to actively market the property while contingencies are still in place. It gives the seller the opportunity to receive backup offers and potentially accept a better deal if the initial contract fails to close due to the contingencies. Various types of addendums may exist based on the specific contingencies involved in the transaction.