A Short Sale Addendum to Contract for the Purchase and Sale of Real Estate is a legal document that is added to a real estate purchase agreement in order to provide additional information regarding the short sale of the property. A short sale is when a seller agrees to sell a home for less than what is owed to the lender. This document outlines the specific terms of the short sale and the parties involved, including the buyer, seller, and lender. It typically includes information about the sale price, any additional costs associated with the transaction, and the timeframe for completion. There are two types of Short Sale Addendum to Contract for the Purchase and Sale of Real Estate: a buyer-initiated addendum and a lender-initiated addendum. A buyer-initiated addendum outlines the terms and conditions of a short sale agreement as agreed upon between the buyer and the seller, including the agreed-upon purchase price, the timeframe for completion, and any other relevant details. A lender-initiated addendum is a document created by the lender that outlines the terms of the short sale and any additional requirements that must be met in order for the transaction to be completed. This document may also include a repayment plan or other options for the seller to pay back the balance of the loan.
Short Sale Addendum to Contract for the Purchase and Sale of Real Estate
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FAQ
A short sale addendum is added to a purchase agreement when a property's selling price won't pay off the seller's outstanding mortgage balance. The form creates a special condition that requires the seller's mortgage lender to approve the transaction before the sale can be completed.
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.
Description: This Addendum is used if the Buyers will be unable to buy the new property unless their existing property is sold and closed.
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.
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.
What's the purpose of the TREC-approved Short Sale Addendum? To create provisions related to the lienholder's consent to the sale.
How to Write The Parties. The addendum should mention the names of the parties (buyer and seller) in the existing agreement.Original Purchase Agreement. To connect the addendum to the original agreement, the date of the existing contract and the property address must be included.Additional Terms or Amendments.Execution.