Rhode Island 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. Rhode Island Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in real estate transactions in Rhode Island. It serves as an extension to the original purchase contract and allows the seller to continue marketing the property even after a contingency has been included in the contract. This addendum is relevant when certain contingencies, such as the buyer obtaining financing or inspections, have been included in the original purchase contract. It provides flexibility to the seller to actively market the property during the contingency period, increasing the chances of finding another willing buyer. The addendum outlines the terms and conditions under which the seller is allowed to continue marketing the property. It includes details such as the duration and termination date of the addendum, the methods and platforms to be used for marketing, and any limitations or restrictions on the seller's marketing efforts. Different types of Rhode Island Addendum for Continued Marketing of Property by Seller due to Contingencies may vary based on the specific contingencies or conditions mentioned. Some variations include: 1. Financing Contingency Addendum: This addendum allows the seller to continue marketing the property in case the buyer fails to secure financing within the specified time frame. 2. Inspection Contingency Addendum: This addendum provides the seller with the option to market the property if the buyer's inspection reveals certain unfavorable conditions, and the buyer decides not to move forward with the purchase. 3. Sale of Buyer's Property Contingency Addendum: If the buyer has a contingency that depends on the sale of their own property, this addendum allows the seller to continue marketing their property until the buyer's property is sold. It is important to consult with a real estate attorney or agent familiar with Rhode Island real estate laws to ensure the addendum is appropriately drafted and complies with all legal requirements.

Rhode Island Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in real estate transactions in Rhode Island. It serves as an extension to the original purchase contract and allows the seller to continue marketing the property even after a contingency has been included in the contract. This addendum is relevant when certain contingencies, such as the buyer obtaining financing or inspections, have been included in the original purchase contract. It provides flexibility to the seller to actively market the property during the contingency period, increasing the chances of finding another willing buyer. The addendum outlines the terms and conditions under which the seller is allowed to continue marketing the property. It includes details such as the duration and termination date of the addendum, the methods and platforms to be used for marketing, and any limitations or restrictions on the seller's marketing efforts. Different types of Rhode Island Addendum for Continued Marketing of Property by Seller due to Contingencies may vary based on the specific contingencies or conditions mentioned. Some variations include: 1. Financing Contingency Addendum: This addendum allows the seller to continue marketing the property in case the buyer fails to secure financing within the specified time frame. 2. Inspection Contingency Addendum: This addendum provides the seller with the option to market the property if the buyer's inspection reveals certain unfavorable conditions, and the buyer decides not to move forward with the purchase. 3. Sale of Buyer's Property Contingency Addendum: If the buyer has a contingency that depends on the sale of their own property, this addendum allows the seller to continue marketing their property until the buyer's property is sold. It is important to consult with a real estate attorney or agent familiar with Rhode Island real estate laws to ensure the addendum is appropriately drafted and complies with all legal requirements.