Wyoming 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. Wyoming Addendum for Continued Marketing of Property by Seller due to Contingencies is a legally binding document that is used in real estate transactions in the state of Wyoming. This addendum allows the seller to continue marketing the property for sale after a contingency has been included in the original sales contract. This addendum is typically used in situations where the buyer has included certain contingencies, such as obtaining financing, performing inspections, or selling their own property before closing on the purchase of the seller's property. The purpose of this addendum is to provide the seller with the option to continue marketing the property during the contingency period, in case the buyer is unable to fulfill these obligations. The Wyoming Addendum for Continued Marketing of Property by Seller due to Contingencies includes various key elements such as: 1. Identification of the parties involved: This includes the names and contact information of the seller, buyer, and the real estate agents involved in the transaction. 2. Property details: The addendum includes the address, legal description, and any other relevant information about the property. 3. Contingency details: The addendum specifies the contingencies included in the original sales contract, such as financing, inspections, or the sale of the buyer's property. It also outlines the timeframes for the fulfillment of these contingencies. 4. Seller's marketability rights: This section grants the seller the right to continue marketing the property during the contingency period, either independently or through their real estate agent. It specifies that any subsequent offers will be considered as a backup offer, and that the seller can accept an alternative offer if it becomes more favorable than the original contract. 5. Communication between parties: The addendum states that the buyer will be promptly informed about any subsequent offers received during the contingency period, allowing them to choose whether to proceed with the original contract or terminate it. 6. Releasing seller from obligations: In the event that the buyer exercises their right to terminate the contract due to the contingency, this section outlines the procedures and responsibilities for releasing the seller from any obligations or consequences arising from the original contract. Different types of Wyoming Addendum for Continued Marketing of Property by Seller due to Contingencies may include variations based on specific circumstances or additional provisions required by the parties involved. It is crucial to consult with a real estate attorney or professional to ensure that the addendum accurately reflects the intentions of the parties and complies with the relevant state laws and regulations.

Wyoming Addendum for Continued Marketing of Property by Seller due to Contingencies is a legally binding document that is used in real estate transactions in the state of Wyoming. This addendum allows the seller to continue marketing the property for sale after a contingency has been included in the original sales contract. This addendum is typically used in situations where the buyer has included certain contingencies, such as obtaining financing, performing inspections, or selling their own property before closing on the purchase of the seller's property. The purpose of this addendum is to provide the seller with the option to continue marketing the property during the contingency period, in case the buyer is unable to fulfill these obligations. The Wyoming Addendum for Continued Marketing of Property by Seller due to Contingencies includes various key elements such as: 1. Identification of the parties involved: This includes the names and contact information of the seller, buyer, and the real estate agents involved in the transaction. 2. Property details: The addendum includes the address, legal description, and any other relevant information about the property. 3. Contingency details: The addendum specifies the contingencies included in the original sales contract, such as financing, inspections, or the sale of the buyer's property. It also outlines the timeframes for the fulfillment of these contingencies. 4. Seller's marketability rights: This section grants the seller the right to continue marketing the property during the contingency period, either independently or through their real estate agent. It specifies that any subsequent offers will be considered as a backup offer, and that the seller can accept an alternative offer if it becomes more favorable than the original contract. 5. Communication between parties: The addendum states that the buyer will be promptly informed about any subsequent offers received during the contingency period, allowing them to choose whether to proceed with the original contract or terminate it. 6. Releasing seller from obligations: In the event that the buyer exercises their right to terminate the contract due to the contingency, this section outlines the procedures and responsibilities for releasing the seller from any obligations or consequences arising from the original contract. Different types of Wyoming Addendum for Continued Marketing of Property by Seller due to Contingencies may include variations based on specific circumstances or additional provisions required by the parties involved. It is crucial to consult with a real estate attorney or professional to ensure that the addendum accurately reflects the intentions of the parties and complies with the relevant state laws and regulations.