Massachusetts 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 Massachusetts Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that allows the seller of a property to continue marketing and accepting backup offers, even after a purchase and sale agreement has been executed, in the event that there are certain contingencies that have not been fulfilled. This addendum is typically used when there are specific conditions or contingencies associated with the sale of the property that may take some time to resolve. These contingencies could include obtaining financing, completing necessary inspections or repairs, or waiting for certain legal or financial documents to be processed. By using this addendum, the seller is able to keep the property on the market and entertain offers from potential buyers, who would then be considered as backup offers. If the original buyer fails to meet the agreed-upon contingencies within a specified timeframe, the seller has the option to terminate the purchase and sale agreement with the original buyer and proceed with a backup offer. It is important to note that this addendum does not guarantee that the seller will ultimately choose a backup offer over the original buyer. The decision to proceed with a backup offer is at the sole discretion of the seller. Different types of Massachusetts Addendum for Continued Marketing of Property by Seller due to Contingencies may include variations in the specific contingencies mentioned, the duration of the contingency period, as well as the procedures for notifying the original buyer and executing the termination of the purchase and sale agreement. It is crucial for both buyers and sellers to thoroughly review and understand the terms and conditions outlined in the addendum before signing, as it can have significant implications on the sale of the property. Consulting with a real estate attorney or agent experienced in Massachusetts real estate transactions is advisable to ensure compliance with state laws and to protect the interests of all parties involved.

The Massachusetts Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that allows the seller of a property to continue marketing and accepting backup offers, even after a purchase and sale agreement has been executed, in the event that there are certain contingencies that have not been fulfilled. This addendum is typically used when there are specific conditions or contingencies associated with the sale of the property that may take some time to resolve. These contingencies could include obtaining financing, completing necessary inspections or repairs, or waiting for certain legal or financial documents to be processed. By using this addendum, the seller is able to keep the property on the market and entertain offers from potential buyers, who would then be considered as backup offers. If the original buyer fails to meet the agreed-upon contingencies within a specified timeframe, the seller has the option to terminate the purchase and sale agreement with the original buyer and proceed with a backup offer. It is important to note that this addendum does not guarantee that the seller will ultimately choose a backup offer over the original buyer. The decision to proceed with a backup offer is at the sole discretion of the seller. Different types of Massachusetts Addendum for Continued Marketing of Property by Seller due to Contingencies may include variations in the specific contingencies mentioned, the duration of the contingency period, as well as the procedures for notifying the original buyer and executing the termination of the purchase and sale agreement. It is crucial for both buyers and sellers to thoroughly review and understand the terms and conditions outlined in the addendum before signing, as it can have significant implications on the sale of the property. Consulting with a real estate attorney or agent experienced in Massachusetts real estate transactions is advisable to ensure compliance with state laws and to protect the interests of all parties involved.