What does Hubbard mean in real estate?

A Hubbard Clause is a contingency in a purchase and sale agreement that expressly conditions a Buyer's purchase of a property upon the Buyer's ability to sell and close on another piece of real estate (usually their existing home).

What is the Hubbard clause?

So what is a Hubbard clause? Basically, it's a kind of right of first refusal. It means the seller has agreed to the terms of the buyer's offer, but the buyer doesn't have to buy unless either s/he sells his/her current home, or until another bona fide acceptable offer comes along.

What does Hubbard mean in real estate?

A Hubbard Clause is a contingency in a purchase and sale agreement that expressly conditions a Buyer's purchase of a property upon the Buyer's ability to sell and close on another piece of real estate (usually their existing home).

What is the Hubbard clause?

So what is a Hubbard clause? Basically, it's a kind of right of first refusal. It means the seller has agreed to the terms of the buyer's offer, but the buyer doesn't have to buy unless either s/he sells his/her current home, or until another bona fide acceptable offer comes along.

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Addendum to Contract for Sale and Purchase of Real Property

Rhode Island Addendum to Contract for Sale and Purchase of Real Property

Name: Rhode Island Addendum to Contract for Sale and Purchase of Real Property
Brand: US Legal Forms
Rating: 4.56 (290 reviews)

Category:

Real Estate - Contracts - Addendums

State:

Multi-State

Control #:

US-03209BG

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Instant download

Description

An addendum is a thing to be added; an addition. For example, it may be used to add supplemental terms or conditions to a contract or make corrections or supply omissions to a document. An addendum is often used to supply additional terms to standardized contracts, such as leases. Addendum is singular; the plural form is addenda.

Rhode Island Addendum to Contract for Sale and Purchase of Real Property is an essential legal document used in real estate transactions to provide specific terms and conditions that supplement the main contract. This addendum holds significant importance in ensuring that both parties involved in the sale or purchase of a property in Rhode Island are on the same page and have a clear understanding of their rights and responsibilities. The Rhode Island Addendum to Contract for Sale and Purchase of Real Property may vary based on the specific needs and requirements of the parties involved. Different types of addendums may include: 1. Financing Addendum: This addendum outlines the details related to the financing of the property purchase, such as the loan terms, down payment, interest rates, and any other financial considerations. 2. Inspection Addendum: This addendum allows the buyer to conduct a thorough inspection of the property to ensure its condition and identify any necessary repairs or improvements. It may specify the timeframe for the inspection and the resolution of any identified issues. 3. Contingencies Addendum: This addendum lists any contingencies that must be met before the sale can proceed. For example, it may include conditions like securing financing, selling an existing property, or obtaining satisfactory appraisal results. 4. Disclosure Addendum: This addendum ensures that the seller provides accurate and complete disclosures about the property's condition, known defects, or any legal issues that may affect the buyer's decision. 5. Closing Date Addendum: This addendum specifies the agreed-upon closing date for the transaction and may include penalties or remedies for any delays or breaches. Essential elements commonly included in a Rhode Island Addendum to Contract for Sale and Purchase of Real Property are: a. Parties: Clearly identifying the buyer(s) and seller(s) involved in the transaction. b. Property Details: Including the property's legal description, address, and any additional details that uniquely identify it. c. Purchase Price: Stating the agreed-upon amount for the property, whether it be a fixed price or subject to negotiation. d. Earnest Money: Outlining the amount of earnest money deposit and the conditions for its refund or forfeiture. e. Closing Costs: Specifying how the closing costs will be allocated between the parties. f. Title and Insurance: Addressing the title search, insurance, and any associated costs or requirements. g. Signatures: Ensuring that all relevant parties sign the addendum to acknowledge their agreement and understanding of the terms. It is crucial to consult with a qualified real estate attorney or agent when drafting or reviewing a Rhode Island Addendum to Contract for Sale and Purchase of Real Property. This will ensure that the addendum is legally binding, enforceable, and tailored to meet the specific needs of the buyer and seller in a Rhode Island real estate transaction.

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A Hubbard Clause is a contingency in a purchase and sale agreement that expressly conditions a Buyer's purchase of a property upon the Buyer's ability to sell and close on another piece of real estate (usually their existing home).

In real estate, a contract addendum is an attachment to the original agreement that details additional terms that were not outlined in the original contract. These terms typically include things like contingencies, financing details, and disclosures about the state of the home.

An addendum is an additional document that gets added to the purchase and sale agreement. The document will include any additional information or requests that the buyer did not put into the original purchase and sale agreement.

A Hubbard Clause is an addendum or rider to a residential real estate purchase agreement that makes the purchase contingent upon the Buyer selling their own home first.

An addendum is an attachment to a contract that modifies the terms and conditions of the original contract. Addendums are used to efficiently update the terms or conditions of many types of contracts.

As it's legally binding too, an addendum can alter any terms of the contract and conditions contained in the original agreement. In essence, it lets you add something new to a pre-existing contract without changing the status of the legal document.

The ?Mother Hubbard? or ?cover-all? clause is a common provision in an oil and gas lease1 that provides a mechanism to include lands not adequately described in the lease or certain interests that vest after the lease has been issued.

So what is a Hubbard clause? Basically, it's a kind of right of first refusal. It means the seller has agreed to the terms of the buyer's offer, but the buyer doesn't have to buy unless either s/he sells his/her current home, or until another bona fide acceptable offer comes along.

Addendums to purchase and sale agreements are often changes to closing dates, inspection periods, or pricing. These addendums must obtain agreement from both parties to go into effect and modify the original contract.

A Hubbard Clause is an addendum or rider to a residential real estate purchase agreement that makes the purchase contingent upon the Buyer selling their own home first.

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a preapproval or commitment letter that is not contingent on the sale of the buyer's property; (2) written proof that the buyer has the funds or other assets ... Feb 3, 2023 — Blank Addendum– created a form that can be customized and used with listing agreement, buyer representation agreement, purchase and sales ...How to Create a Purchase Addendum (4 steps) ; 1. Get the Original Purchase Agreement. buyer and seller reviewing original purchase agreement ; 2. Write the ... How to fill out Rhode Island Addendum To Contract For Sale And Purchase Of Real Property? Have you been inside a position where you ... The addendum's type and verbiage needs to be the same as the original contract and must be signed by the writer of the addendum, all parties involved in the ... An addendum to purchase and sale agreement is a kind of attachment to a real estate contract that adds new terms and conditions to the original contract. An addendum to real estate purchase contract is an addition to a real estate agreement that outlines modifications or additions to the original contract. Buyer acknowledges that the purchase of the Property may have resulted from a transfer made by a beneficiary under a mortgage who acquired the Property at a ... ADDENDUM TO REAL ESTATE PURCHASE AND SALE. AGREEMENT. The undersigned parties to a Purchase and Sale Agreement dated ______ ... The addendum should reference the effective date and details of the original real estate purchase agreement. References to the original contract are necessary ...

Rhode Island Addendum to Contract for Sale and Purchase of Real Property

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