North Carolina 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 North Carolina Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in real estate transactions in the state of North Carolina. It is designed to address the specific circumstances where the seller needs additional time to market their property due to certain contingencies. This addendum is typically attached to the standard purchase agreement and outlines the conditions under which the seller can continue marketing the property and potentially accept backup offers while the current offer is under certain contingencies. In general, there are no specific types of North Carolina Addendum for Continued Marketing of Property by Seller due to Contingencies as it is a standard addendum that can be used in any real estate transaction where there are contingencies involved. However, the content of the addendum may vary depending on the specific contingencies present in the transaction. Some relevant keywords that may be included in this addendum are: 1. Continued marketing: This refers to the seller's ability to continue marketing their property to potential buyers even after accepting an offer. This is especially important if there are contingencies in place that may potentially delay or cancel the current offer. 2. Contingencies: These are specific conditions that must be met before the sale can proceed. Common contingencies include home inspections, financing approval, appraisals, and the sale of the buyer's current property. The addendum may specify which contingencies allow the seller to continue marketing the property. 3. Backup offers: These are alternative offers made by potential buyers to be considered in case the current offer falls through. The addendum may outline how backup offers are handled and if they can be accepted while the original offer is under contingencies. 4. Timeframe: The addendum may set a specific timeframe during which the seller is allowed to market the property and potentially accept backup offers. This timeframe may be subject to the specific contingencies involved in the transaction. 5. Communication: The addendum may require the seller to communicate with the buyer regarding any backup offers received or changes in the status of the property during the contingency period. This ensures transparency and allows the buyer to make informed decisions. Overall, the North Carolina Addendum for Continued Marketing of Property by Seller due to Contingencies provides a framework for sellers to continue marketing their property and potentially accept backup offers while a current offer is under specific contingencies. It is important for both buyers and sellers to fully understand the implications of this addendum and consult with legal professionals if necessary.

The North Carolina Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in real estate transactions in the state of North Carolina. It is designed to address the specific circumstances where the seller needs additional time to market their property due to certain contingencies. This addendum is typically attached to the standard purchase agreement and outlines the conditions under which the seller can continue marketing the property and potentially accept backup offers while the current offer is under certain contingencies. In general, there are no specific types of North Carolina Addendum for Continued Marketing of Property by Seller due to Contingencies as it is a standard addendum that can be used in any real estate transaction where there are contingencies involved. However, the content of the addendum may vary depending on the specific contingencies present in the transaction. Some relevant keywords that may be included in this addendum are: 1. Continued marketing: This refers to the seller's ability to continue marketing their property to potential buyers even after accepting an offer. This is especially important if there are contingencies in place that may potentially delay or cancel the current offer. 2. Contingencies: These are specific conditions that must be met before the sale can proceed. Common contingencies include home inspections, financing approval, appraisals, and the sale of the buyer's current property. The addendum may specify which contingencies allow the seller to continue marketing the property. 3. Backup offers: These are alternative offers made by potential buyers to be considered in case the current offer falls through. The addendum may outline how backup offers are handled and if they can be accepted while the original offer is under contingencies. 4. Timeframe: The addendum may set a specific timeframe during which the seller is allowed to market the property and potentially accept backup offers. This timeframe may be subject to the specific contingencies involved in the transaction. 5. Communication: The addendum may require the seller to communicate with the buyer regarding any backup offers received or changes in the status of the property during the contingency period. This ensures transparency and allows the buyer to make informed decisions. Overall, the North Carolina Addendum for Continued Marketing of Property by Seller due to Contingencies provides a framework for sellers to continue marketing their property and potentially accept backup offers while a current offer is under specific contingencies. It is important for both buyers and sellers to fully understand the implications of this addendum and consult with legal professionals if necessary.