Collin Texas Addendum for Continued Marketing of Property by Seller due to Contingencies

• Category: Real Estate - Contracts - Addendums
• State: Multi-State
• County: Collin
• 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. Collin Texas Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used when selling a property in Collin County, Texas. This addendum is an additional clause that can be added to the original sales contract to extend the marketing efforts of the seller in cases where specific contingencies affect the sale. In situations where certain contingencies arise, such as the buyer's financing falling through or a necessary repair not being completed before closing, the Collin Texas Addendum for Continued Marketing of Property by Seller due to Contingencies allows the seller to actively continue marketing the property. This addendum gives the seller the right to accept backup offers and continue showcasing the property to potential buyers while the current contract is still in effect. By adding this addendum, the seller is not bound to the original buyer if the contingencies are not met within the agreed-upon timeframe. It provides flexibility to the seller in case the buyer is unable to fulfill their obligations, ensuring that the property remains on the market and available for purchase by other interested parties. This addendum protects the seller's interests by allowing them to find alternative buyers if the initial sale falls through due to unforeseen circumstances. Types of Collin Texas Addendum for Continued Marketing of Property by Seller due to Contingencies may vary based on the unique circumstances of each sale. Some common variations may include: 1. Financing Contingency Addendum: This addendum allows the seller to continue marketing the property if the buyer fails to secure financing within a specified timeline. 2. Inspection Contingency Addendum: With this type of addendum, the seller can continue marketing the property if the buyer requests extensive repairs or renegotiates the sales price based on inspection results. This allows the seller to explore other offers while still under contract. 3. Title Contingency Addendum: If there are issues with the property's title or any unresolved legal matters, this addendum allows the seller to find alternative buyers while the title issues are being resolved. In conclusion, the Collin Texas Addendum for Continued Marketing of Property by Seller due to Contingencies empowers sellers in Collin County to protect their interests and maintain control over the marketing and sale of their property amidst contingencies. It allows for flexibility and the opportunity to secure backup offers, ensuring that the seller can continue actively marketing the property until all necessary requirements are met.

Collin Texas Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used when selling a property in Collin County, Texas. This addendum is an additional clause that can be added to the original sales contract to extend the marketing efforts of the seller in cases where specific contingencies affect the sale. In situations where certain contingencies arise, such as the buyer's financing falling through or a necessary repair not being completed before closing, the Collin Texas Addendum for Continued Marketing of Property by Seller due to Contingencies allows the seller to actively continue marketing the property. This addendum gives the seller the right to accept backup offers and continue showcasing the property to potential buyers while the current contract is still in effect. By adding this addendum, the seller is not bound to the original buyer if the contingencies are not met within the agreed-upon timeframe. It provides flexibility to the seller in case the buyer is unable to fulfill their obligations, ensuring that the property remains on the market and available for purchase by other interested parties. This addendum protects the seller's interests by allowing them to find alternative buyers if the initial sale falls through due to unforeseen circumstances. Types of Collin Texas Addendum for Continued Marketing of Property by Seller due to Contingencies may vary based on the unique circumstances of each sale. Some common variations may include: 1. Financing Contingency Addendum: This addendum allows the seller to continue marketing the property if the buyer fails to secure financing within a specified timeline. 2. Inspection Contingency Addendum: With this type of addendum, the seller can continue marketing the property if the buyer requests extensive repairs or renegotiates the sales price based on inspection results. This allows the seller to explore other offers while still under contract. 3. Title Contingency Addendum: If there are issues with the property's title or any unresolved legal matters, this addendum allows the seller to find alternative buyers while the title issues are being resolved. In conclusion, the Collin Texas Addendum for Continued Marketing of Property by Seller due to Contingencies empowers sellers in Collin County to protect their interests and maintain control over the marketing and sale of their property amidst contingencies. It allows for flexibility and the opportunity to secure backup offers, ensuring that the seller can continue actively marketing the property until all necessary requirements are met.