The Texas Short Sale Addendum is a form that must be attached to a contract for the sale of real estate when a short sale is being conducted in the state of Texas. A short sale is a real estate transaction in which the proceeds from the sale are not enough to cover the remaining balance on the loan. The Texas Short Sale Addendum outlines the agreement between the seller, buyer, and lender; it is designed to protect all parties involved in the transaction. The Addendum outlines the obligations of each party and typically includes an extension of closing date, a right of rescission, and the seller’s right to make repairs. There are two types of Texas Short Sale Addendum. The first is the “Standard Addendum” which is used for a normal short sale transaction. The second is the “Cooperative Short Sale Addendum” which is used when the lender agrees to accept less than the full amount due on the loan. The Texas Short Sale Addendum is an important step in the short sale process, as it helps to protect the interests of all parties involved. It is important to carefully read and understand the form prior to signing.
Texas Short Sale Addendum
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How to fill out Texas Short Sale Addendum?
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FAQ
In a real estate context, an option fee is money paid by a Buyer to a Seller for the option to terminate a real estate contract.
As used in this Addendum, ?Seller's net proceeds? means the Sales Price less Seller's Expenses under Paragraph 12 of the contract and Seller's obligation to pay any brokerage fees.
The buyer must deliver the option fee to the title company within three days after the effective date of the contract.
The buyer must deliver the option fee to the title company within three days after the effective date of the contract.
A standard short sale addendum generally addresses a number of items that are specific and unique to the agreement of sale. These may include: An acknowledgement that the transaction is a short sale, and that as such there are additional third parties that have an interest in the property being sold.
Yes. Extensive case law in Texas has held that an option fee is necessary to create an option right. In essence, the buyer pays the seller an option fee for the unrestricted right to terminate the contract within the option period and have his (the buyer's) earnest money returned.
If there is more than one lienholder or loan secured by the Property, this Addendum applies to each lienholder. The form of this addendum has been approved by the Texas Real Estate Commission for use only with similarly approved or promulgated forms of contracts.