Washington 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 Washington Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that allows a seller to continue marketing their property even after they have accepted an offer from a buyer. This addendum is commonly used in real estate transactions in Washington state when certain contingencies need to be met before the sale can be finalized. The purpose of this addendum is to protect the seller's interests by ensuring that they have the option to continue marketing the property in case the contingencies are not met or if the buyer fails to perform within the specified time frames. There are several types of Washington Addendum for Continued Marketing of Property by Seller due to Contingencies, depending on the specific contingencies involved. Some common types include: 1. Inspection Contingency: This addendum allows the seller to continue marketing the property until the inspection contingency is satisfied. It gives the buyer a specific timeframe to conduct inspections and negotiate repairs, and if the buyer is unable to come to an agreement with the seller, the seller can continue marketing the property. 2. Financing Contingency: If the buyer's financing falls through, or they are unable to secure the necessary funds within the specified timeframe, this addendum allows the seller to continue marketing the property. It gives the buyer a certain period to obtain financing, and if they are unable to do so, the seller can explore other offers. 3. Appraisal Contingency: This addendum allows the seller to continue marketing the property if the appraisal comes in below the agreed-upon purchase price. It gives the buyer a specific timeframe to address any discrepancies or renegotiate the price, and if they are unable to do so, the seller can consider other offers. In all these addendums, it is important to note that the seller must provide written notice to the buyer in case they decide to continue marketing the property. This notice should be delivered within a specified timeframe and should indicate the reason for the continued marketing. Overall, the Washington Addendum for Continued Marketing of Property by Seller due to Contingencies provides flexibility for sellers in real estate transactions, allowing them to protect their interests while still exploring other opportunities in case the contingencies are not met.

The Washington Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document that allows a seller to continue marketing their property even after they have accepted an offer from a buyer. This addendum is commonly used in real estate transactions in Washington state when certain contingencies need to be met before the sale can be finalized. The purpose of this addendum is to protect the seller's interests by ensuring that they have the option to continue marketing the property in case the contingencies are not met or if the buyer fails to perform within the specified time frames. There are several types of Washington Addendum for Continued Marketing of Property by Seller due to Contingencies, depending on the specific contingencies involved. Some common types include: 1. Inspection Contingency: This addendum allows the seller to continue marketing the property until the inspection contingency is satisfied. It gives the buyer a specific timeframe to conduct inspections and negotiate repairs, and if the buyer is unable to come to an agreement with the seller, the seller can continue marketing the property. 2. Financing Contingency: If the buyer's financing falls through, or they are unable to secure the necessary funds within the specified timeframe, this addendum allows the seller to continue marketing the property. It gives the buyer a certain period to obtain financing, and if they are unable to do so, the seller can explore other offers. 3. Appraisal Contingency: This addendum allows the seller to continue marketing the property if the appraisal comes in below the agreed-upon purchase price. It gives the buyer a specific timeframe to address any discrepancies or renegotiate the price, and if they are unable to do so, the seller can consider other offers. In all these addendums, it is important to note that the seller must provide written notice to the buyer in case they decide to continue marketing the property. This notice should be delivered within a specified timeframe and should indicate the reason for the continued marketing. Overall, the Washington Addendum for Continued Marketing of Property by Seller due to Contingencies provides flexibility for sellers in real estate transactions, allowing them to protect their interests while still exploring other opportunities in case the contingencies are not met.