New York 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 New York Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that allows the seller of a property in New York to continue marketing the property while certain contingencies are being resolved. This addendum is typically used when a buyer has placed an offer on a property, but there are still outstanding conditions or contingencies that need to be fulfilled before the transaction can close. The addendum is designed to protect both the seller and the buyer during the contingency period. It provides specific terms and conditions that outline how the seller can continue marketing the property and what actions they can take while the contingency is being addressed. This allows the seller to keep the property in the market and potentially secure backup offers in case the primary offer falls through. Keywords: New York Addendum, Continued Marketing of Property, Seller, Contingencies, Contingency period, Legal document, Conditions, Transaction, Backup offers. Different types of New York Addendum for Continued Marketing of Property by Seller due to Contingencies may include variations based on the specific contingencies involved. For example, if the contingency is related to a home inspection, the addendum may have provisions that allow the seller to conduct additional inspections or repairs while still marketing the property. Additionally, variations may exist based on the specific marketing actions that the seller can take during the contingency period. Some addendums may state that the seller can continue marketing the property and accepting backup offers, while others may limit their marketing efforts to simply showcasing the property to interested parties. It is important for both the seller and the buyer to carefully review and understand the terms of the addendum to ensure that they are in agreement with the conditions and actions outlined. Seeking legal advice is often recommended ensuring compliance with local laws and regulations. Overall, the New York Addendum for Continued Marketing of Property by Seller due to Contingencies is a valuable tool that allows sellers to continue marketing their property while navigating contingencies, providing flexibility and potential options in the event the primary offer does not proceed to closing.

The New York Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that allows the seller of a property in New York to continue marketing the property while certain contingencies are being resolved. This addendum is typically used when a buyer has placed an offer on a property, but there are still outstanding conditions or contingencies that need to be fulfilled before the transaction can close. The addendum is designed to protect both the seller and the buyer during the contingency period. It provides specific terms and conditions that outline how the seller can continue marketing the property and what actions they can take while the contingency is being addressed. This allows the seller to keep the property in the market and potentially secure backup offers in case the primary offer falls through. Keywords: New York Addendum, Continued Marketing of Property, Seller, Contingencies, Contingency period, Legal document, Conditions, Transaction, Backup offers. Different types of New York Addendum for Continued Marketing of Property by Seller due to Contingencies may include variations based on the specific contingencies involved. For example, if the contingency is related to a home inspection, the addendum may have provisions that allow the seller to conduct additional inspections or repairs while still marketing the property. Additionally, variations may exist based on the specific marketing actions that the seller can take during the contingency period. Some addendums may state that the seller can continue marketing the property and accepting backup offers, while others may limit their marketing efforts to simply showcasing the property to interested parties. It is important for both the seller and the buyer to carefully review and understand the terms of the addendum to ensure that they are in agreement with the conditions and actions outlined. Seeking legal advice is often recommended ensuring compliance with local laws and regulations. Overall, the New York Addendum for Continued Marketing of Property by Seller due to Contingencies is a valuable tool that allows sellers to continue marketing their property while navigating contingencies, providing flexibility and potential options in the event the primary offer does not proceed to closing.