Virgin Islands 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 Virgin Islands Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that outlines the terms and conditions under which a seller can continue marketing their property while it is under contract and subject to certain contingencies. This addendum is typically used in real estate transactions in the Virgin Islands. The purpose of this addendum is to provide the seller with the option to keep marketing the property to attract potential backup offers in the event that the current contract falls through due to any specified contingencies. This can help ensure a backup plan for the seller and reduce the time and effort spent in relisting the property if the existing contract fails. The addendum will typically include the following key details: 1. Identification of the property: This section provides a comprehensive description and address of the property being sold. 2. Contingencies: This section outlines the specific contingencies that would allow the seller to continue marketing the property. Contingencies may include issues such as financing, inspections, appraisal, or any other events that could potentially cause the current contract to fail. 3. Duration of continued marketing: The addendum will specify the duration during which the seller is permitted to continue marketing the property. This period is typically limited to a certain number of days or until the contingencies are removed or resolved. 4. Notification requirements: The addendum will outline the seller's obligations to notify the buyer, buyer's agent, and any other involved parties regarding the continued marketing of the property. This is important to ensure clear communication and transparency throughout the process. 5. Offer acceptance and termination: The addendum should clarify that the seller is still bound by the terms of the existing contract and that any backup offers received during the continued marketing period will not automatically terminate the current contract. The seller has the option to accept a backup offer, but only if the original contract falls through due to the specified contingencies. It is important to note that while this description provides a general overview, specific details may vary depending on the jurisdiction and individual circumstances. Different types of the Virgin Islands Addendum for Continued Marketing of Property by Seller due to Contingencies may exist, but without specific information, it is difficult to list them.

The Virgin Islands Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that outlines the terms and conditions under which a seller can continue marketing their property while it is under contract and subject to certain contingencies. This addendum is typically used in real estate transactions in the Virgin Islands. The purpose of this addendum is to provide the seller with the option to keep marketing the property to attract potential backup offers in the event that the current contract falls through due to any specified contingencies. This can help ensure a backup plan for the seller and reduce the time and effort spent in relisting the property if the existing contract fails. The addendum will typically include the following key details: 1. Identification of the property: This section provides a comprehensive description and address of the property being sold. 2. Contingencies: This section outlines the specific contingencies that would allow the seller to continue marketing the property. Contingencies may include issues such as financing, inspections, appraisal, or any other events that could potentially cause the current contract to fail. 3. Duration of continued marketing: The addendum will specify the duration during which the seller is permitted to continue marketing the property. This period is typically limited to a certain number of days or until the contingencies are removed or resolved. 4. Notification requirements: The addendum will outline the seller's obligations to notify the buyer, buyer's agent, and any other involved parties regarding the continued marketing of the property. This is important to ensure clear communication and transparency throughout the process. 5. Offer acceptance and termination: The addendum should clarify that the seller is still bound by the terms of the existing contract and that any backup offers received during the continued marketing period will not automatically terminate the current contract. The seller has the option to accept a backup offer, but only if the original contract falls through due to the specified contingencies. It is important to note that while this description provides a general overview, specific details may vary depending on the jurisdiction and individual circumstances. Different types of the Virgin Islands Addendum for Continued Marketing of Property by Seller due to Contingencies may exist, but without specific information, it is difficult to list them.