TX-1057 Addendum For Sale of Other Property By Buyer TX-1057
San Angelo, Texas Addendum for Sale of Other Property by Buyer is a legal document that outlines the conditions and terms when a buyer in San Angelo, Texas intends to purchase a property but is dependent on selling another property they currently own. This addendum serves as an additional provision to the purchase agreement and is designed to protect the interests of both the buyer and seller. The San Angelo, Texas Addendum for Sale of Other Property by Buyer typically includes the following key details: 1. Property Details: This section provides a comprehensive description of the property the buyer intends to purchase, including the address, legal description, and any other pertinent details. 2. Sale of Other Property Condition: This clause states that the buyer's obligation to purchase the property is contingent upon the sale of their existing property. The buyer will specify the address and relevant details of their current property, along with the expected timeline for its sale. 3. Deadline: The addendum also establishes a time frame, typically in terms of days, during which the buyer must sell their other property in order to proceed with the purchase. If the deadline passes without the sale of the buyer's property, the buyer typically has the option to terminate the purchase agreement without any penalty. 4. Notification of Sale: This provision requires the buyer to notify the seller promptly once their current property is under contract. The notification must include the pertinent details of the contract, such as the sale price, closing date, and any other relevant conditions. 5. Withdrawal Clause: In this section, the addendum outlines the buyer's option to withdraw from the purchase agreement if they are unable to sell their property within the specified timeline. This clause typically ensures that the buyer can back out of the agreement without forfeiting their earnest money. There may be different types or variations of San Angelo, Texas Addendum for Sale of Other Property by Buyer, including: — Limited Contingency Addendum: This type of addendum limits the contingency period within which the buyer must sell their existing property before the purchase agreement becomes unconditional. — Extended Contingency Addendum: This variation offers a longer period for the buyer to sell their current property, providing them with more time to secure a buyer. — Multiple Property Addendum: In some cases, a buyer may be selling multiple properties to fund their purchase. This addendum enables buyers to detail multiple properties they plan to sell, along with associated timelines and conditions. — Cash Sale Addendum: This type of addendum applies when the buyer intends to fund the purchase with cash, either from the sale proceeds of their current property or other sources. It outlines the terms and conditions specific to a cash sale transaction. In summary, the San Angelo, Texas Addendum for Sale of Other Property by Buyer is a crucial legal document that establishes the conditions and expectations when a buyer is relying on the sale of another property to complete a real estate transaction. It protects the rights and interests of both parties involved and ensures a transparent and efficient process.San Angelo, Texas Addendum for Sale of Other Property by Buyer is a legal document that outlines the conditions and terms when a buyer in San Angelo, Texas intends to purchase a property but is dependent on selling another property they currently own. This addendum serves as an additional provision to the purchase agreement and is designed to protect the interests of both the buyer and seller. The San Angelo, Texas Addendum for Sale of Other Property by Buyer typically includes the following key details: 1. Property Details: This section provides a comprehensive description of the property the buyer intends to purchase, including the address, legal description, and any other pertinent details. 2. Sale of Other Property Condition: This clause states that the buyer's obligation to purchase the property is contingent upon the sale of their existing property. The buyer will specify the address and relevant details of their current property, along with the expected timeline for its sale. 3. Deadline: The addendum also establishes a time frame, typically in terms of days, during which the buyer must sell their other property in order to proceed with the purchase. If the deadline passes without the sale of the buyer's property, the buyer typically has the option to terminate the purchase agreement without any penalty. 4. Notification of Sale: This provision requires the buyer to notify the seller promptly once their current property is under contract. The notification must include the pertinent details of the contract, such as the sale price, closing date, and any other relevant conditions. 5. Withdrawal Clause: In this section, the addendum outlines the buyer's option to withdraw from the purchase agreement if they are unable to sell their property within the specified timeline. This clause typically ensures that the buyer can back out of the agreement without forfeiting their earnest money. There may be different types or variations of San Angelo, Texas Addendum for Sale of Other Property by Buyer, including: — Limited Contingency Addendum: This type of addendum limits the contingency period within which the buyer must sell their existing property before the purchase agreement becomes unconditional. — Extended Contingency Addendum: This variation offers a longer period for the buyer to sell their current property, providing them with more time to secure a buyer. — Multiple Property Addendum: In some cases, a buyer may be selling multiple properties to fund their purchase. This addendum enables buyers to detail multiple properties they plan to sell, along with associated timelines and conditions. — Cash Sale Addendum: This type of addendum applies when the buyer intends to fund the purchase with cash, either from the sale proceeds of their current property or other sources. It outlines the terms and conditions specific to a cash sale transaction. In summary, the San Angelo, Texas Addendum for Sale of Other Property by Buyer is a crucial legal document that establishes the conditions and expectations when a buyer is relying on the sale of another property to complete a real estate transaction. It protects the rights and interests of both parties involved and ensures a transparent and efficient process.
