Minnesota Addendum for Sale of Other Property by Buyer

• Category: Real Estate - Contracts - Addendums
• State: Multi-State
• Control #: US-00472-A7
• Format: Word; Rich Text

Description

Attaching this addendum makes the Real Estate Purchase Contract contingent on Buyer's sale of other property by a date certain. Ideal if Buyer must sell their old home before buying the new residence. The Minnesota Addendum for Sale of Other Property by Buyer is a legal document used in real estate transactions in the state of Minnesota. It is an additional provision that can be added to a purchase agreement when the buyer wishes to make the purchase of the property contingent upon the sale of another property they own. This addendum allows the buyer to extend the closing date of the purchase agreement until they have successfully sold their other property. It provides a timeframe for the sale of the other property, typically 30, 60, or 90 days, within which the buyer must complete the sale. If the buyer fails to sell the other property within the specified timeframe, the purchase agreement may be terminated. The addendum also outlines the obligations of the buyer during this time period. The buyer is typically required to diligently market and actively seek a buyer for the other property. They may need to provide proof of their efforts to sell, such as copies of listing agreements or advertising materials. In addition, the addendum may include provisions regarding how the buyer will communicate the progress of the sale to the seller and the seller's rights if they receive a backup offer on their property. The seller may have the option to give the buyer a notice to perform, which sets a new deadline for the sale of the other property, or to terminate the purchase agreement altogether. It is important to note that there may be different types or variations of the Minnesota Addendum for Sale of Other Property by Buyer, depending on the specific terms negotiated by the parties involved. These variations may include different timeframes, additional requirements for the buyer, or alternative remedies for the seller. Overall, the Minnesota Addendum for Sale of Other Property by Buyer is a crucial tool for buyers in the state who need to sell another property in order to complete their real estate purchase. It ensures that both parties have clear expectations and protections in place during the sale process.

The Minnesota Addendum for Sale of Other Property by Buyer is a legal document used in real estate transactions in the state of Minnesota. It is an additional provision that can be added to a purchase agreement when the buyer wishes to make the purchase of the property contingent upon the sale of another property they own. This addendum allows the buyer to extend the closing date of the purchase agreement until they have successfully sold their other property. It provides a timeframe for the sale of the other property, typically 30, 60, or 90 days, within which the buyer must complete the sale. If the buyer fails to sell the other property within the specified timeframe, the purchase agreement may be terminated. The addendum also outlines the obligations of the buyer during this time period. The buyer is typically required to diligently market and actively seek a buyer for the other property. They may need to provide proof of their efforts to sell, such as copies of listing agreements or advertising materials. In addition, the addendum may include provisions regarding how the buyer will communicate the progress of the sale to the seller and the seller's rights if they receive a backup offer on their property. The seller may have the option to give the buyer a notice to perform, which sets a new deadline for the sale of the other property, or to terminate the purchase agreement altogether. It is important to note that there may be different types or variations of the Minnesota Addendum for Sale of Other Property by Buyer, depending on the specific terms negotiated by the parties involved. These variations may include different timeframes, additional requirements for the buyer, or alternative remedies for the seller. Overall, the Minnesota Addendum for Sale of Other Property by Buyer is a crucial tool for buyers in the state who need to sell another property in order to complete their real estate purchase. It ensures that both parties have clear expectations and protections in place during the sale process.