Wisconsin Addendum for Purchase of Other Property by Seller

• Category: Real Estate - Contracts - Addendums
• State: Multi-State
• Control #: US-00472-A6
• Format: Word; Rich Text

Description

This is an addendum to a Real Estate Purchase Contract. The addendum makes the purchase contract contingent on the Seller's purchase of other property by a date certain. Ideal if Seller needs to find another place to live before selling current residence. The Wisconsin Addendum for Purchase of Other Property by Seller is a legal document that may be included as an addendum to a real estate purchase contract in the state of Wisconsin. This addendum specifically addresses situations where the seller of the property being purchased intends to purchase another property within a specified time frame. Key terms that are associated with the Wisconsin Addendum for Purchase of Other Property by Seller include "addendum," "real estate," "purchase contract," "seller," "property," and "time frame." These terms indicate the purpose and importance of this document in real estate transactions. The addendum is used to disclose the seller's intention to purchase another property and to specify the terms and conditions related to this purchase. This addendum is typically added to the purchase contract when the seller's ability to close on the property being sold is contingent upon the successful purchase of another property. There may be different types or versions of the Wisconsin Addendum for Purchase of Other Property by Seller that may vary depending on specific circumstances or requirements. While the core purpose remains the same, there may be variations in the language used or in the specific conditions and timelines outlined in the addendum. The addendum typically includes the following key details: 1. Identification of the property being sold: This includes the complete address of the property and any unique identifying information. 2. Seller's intention to purchase another property: The addendum clearly discloses the seller's intention to purchase another property within a specified time frame. 3. Time frame for purchasing the other property: This specifies the period within which the seller intends to close on the other property. The time frame is crucial as it affects the buyer's and seller's obligations in the primary transaction. 4. Seller's obligations: The addendum states the seller's responsibilities in relation to the sale and purchase of the other property, such as providing the buyer with regular updates on the progress of the purchase and closing. 5. Contingency clause: The addendum may include a contingency that makes the sale of the property being purchased contingent upon the successful acquisition of the other property. This contingency protects the seller from being obligated to sell their property if they are unable to purchase the other property within the specified time frame. It is important to note that the specific language, conditions, and requirements of the Wisconsin Addendum for Purchase of Other Property by Seller may vary, and it is advisable to consult with a real estate professional or attorney to ensure compliance with local laws and regulations.

The Wisconsin Addendum for Purchase of Other Property by Seller is a legal document that may be included as an addendum to a real estate purchase contract in the state of Wisconsin. This addendum specifically addresses situations where the seller of the property being purchased intends to purchase another property within a specified time frame. Key terms that are associated with the Wisconsin Addendum for Purchase of Other Property by Seller include "addendum," "real estate," "purchase contract," "seller," "property," and "time frame." These terms indicate the purpose and importance of this document in real estate transactions. The addendum is used to disclose the seller's intention to purchase another property and to specify the terms and conditions related to this purchase. This addendum is typically added to the purchase contract when the seller's ability to close on the property being sold is contingent upon the successful purchase of another property. There may be different types or versions of the Wisconsin Addendum for Purchase of Other Property by Seller that may vary depending on specific circumstances or requirements. While the core purpose remains the same, there may be variations in the language used or in the specific conditions and timelines outlined in the addendum. The addendum typically includes the following key details: 1. Identification of the property being sold: This includes the complete address of the property and any unique identifying information. 2. Seller's intention to purchase another property: The addendum clearly discloses the seller's intention to purchase another property within a specified time frame. 3. Time frame for purchasing the other property: This specifies the period within which the seller intends to close on the other property. The time frame is crucial as it affects the buyer's and seller's obligations in the primary transaction. 4. Seller's obligations: The addendum states the seller's responsibilities in relation to the sale and purchase of the other property, such as providing the buyer with regular updates on the progress of the purchase and closing. 5. Contingency clause: The addendum may include a contingency that makes the sale of the property being purchased contingent upon the successful acquisition of the other property. This contingency protects the seller from being obligated to sell their property if they are unable to purchase the other property within the specified time frame. It is important to note that the specific language, conditions, and requirements of the Wisconsin Addendum for Purchase of Other Property by Seller may vary, and it is advisable to consult with a real estate professional or attorney to ensure compliance with local laws and regulations.