Maryland 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 Maryland Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in real estate transactions in the state of Maryland. It is an addendum to the standard purchase agreement and is used when the seller needs to continue marketing the property while certain contingencies are still in place. This addendum allows the seller to actively advertise and market the property to potential buyers, even after accepting an offer and entering into a contract. It is commonly used when the buyer's offer is contingent upon the sale of their own property or other specific conditions that need to be met before the sale can be finalized. The purpose of this addendum is to protect the seller's interests by allowing them to find backup offers while waiting for the buyer to fulfill their contingencies. It provides a timeline and guidelines for the seller's continued marketing efforts, ensuring that they do not unreasonably prolong the sale process or jeopardize the buyer's contingencies. The specific terms and conditions of the Maryland Addendum for Continued Marketing of Property by Seller due to Contingencies may vary depending on the circumstances of the transaction. However, common elements that are often included are: 1. Duration: The addendum specifies the duration for which the seller is allowed to continue marketing the property. This time frame can range from a few weeks to several months, depending on the agreed-upon contingencies and the complexity of the transaction. 2. Notice Requirement: The addendum usually requires the seller to provide written notice to the buyer whenever they receive another offer on the property. This notice ensures transparency and allows the buyer to make informed decisions regarding their contingencies. 3. Right of First Refusal: In some cases, the addendum may grant the buyer a right of first refusal, which means that if the seller receives another offer, the buyer has the option to match or exceed the terms of that offer within a specified time frame. 4. Seller's Obligations: The addendum outlines the seller's responsibilities while continuing to market the property. This typically includes maintaining the property in good condition, cooperating with potential buyers' inspections, and providing necessary documentation. 5. Buyer's Contingencies: The addendum usually acknowledges the buyer's contingencies and specifies that the seller's continued marketing efforts do not release the buyer from meeting these contingencies within the agreed-upon time frames. It's important to note that there may be different variations of the Maryland Addendum for Continued Marketing of Property by Seller due to Contingencies, depending on the specific circumstances of the transaction. Different versions may include additional clauses or modifications to address unique situations or specific requirements of the parties involved.

The Maryland Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in real estate transactions in the state of Maryland. It is an addendum to the standard purchase agreement and is used when the seller needs to continue marketing the property while certain contingencies are still in place. This addendum allows the seller to actively advertise and market the property to potential buyers, even after accepting an offer and entering into a contract. It is commonly used when the buyer's offer is contingent upon the sale of their own property or other specific conditions that need to be met before the sale can be finalized. The purpose of this addendum is to protect the seller's interests by allowing them to find backup offers while waiting for the buyer to fulfill their contingencies. It provides a timeline and guidelines for the seller's continued marketing efforts, ensuring that they do not unreasonably prolong the sale process or jeopardize the buyer's contingencies. The specific terms and conditions of the Maryland Addendum for Continued Marketing of Property by Seller due to Contingencies may vary depending on the circumstances of the transaction. However, common elements that are often included are: 1. Duration: The addendum specifies the duration for which the seller is allowed to continue marketing the property. This time frame can range from a few weeks to several months, depending on the agreed-upon contingencies and the complexity of the transaction. 2. Notice Requirement: The addendum usually requires the seller to provide written notice to the buyer whenever they receive another offer on the property. This notice ensures transparency and allows the buyer to make informed decisions regarding their contingencies. 3. Right of First Refusal: In some cases, the addendum may grant the buyer a right of first refusal, which means that if the seller receives another offer, the buyer has the option to match or exceed the terms of that offer within a specified time frame. 4. Seller's Obligations: The addendum outlines the seller's responsibilities while continuing to market the property. This typically includes maintaining the property in good condition, cooperating with potential buyers' inspections, and providing necessary documentation. 5. Buyer's Contingencies: The addendum usually acknowledges the buyer's contingencies and specifies that the seller's continued marketing efforts do not release the buyer from meeting these contingencies within the agreed-upon time frames. It's important to note that there may be different variations of the Maryland Addendum for Continued Marketing of Property by Seller due to Contingencies, depending on the specific circumstances of the transaction. Different versions may include additional clauses or modifications to address unique situations or specific requirements of the parties involved.