Cook Illinois Addendum for Continued Marketing of Property by Seller due to Contingencies

• Category: Real Estate - Contracts - Addendums
• State: Multi-State
• County: Cook
• 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. Cook Illinois Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in real estate transactions to extend the marketing period for a property by the seller, depending on certain contingencies. This addendum provides the seller with the flexibility to continue marketing the property while contingent events are being resolved. With the Cook Illinois Addendum for Continued Marketing of Property by Seller due to Contingencies, sellers can gain additional time to address contingencies such as securing financing, obtaining necessary permits, inspections, or resolving legal matters. This addendum safeguards the interests of both the seller and potential buyers by allowing the property to remain on the market during the contingency period. There are various types of Cook Illinois Addendum for Continued Marketing of Property by Seller due to Contingencies available, tailored to specific contingencies that may arise during a real estate transaction. Some common types include: 1. Financing Contingency Addendum: This addendum allows sellers to continue marketing the property while the buyer secures financing and obtains the necessary loan commitments. 2. Inspection Contingency Addendum: With this addendum, the seller can proceed with marketing efforts while the buyer conducts property inspections and ensures the property meets their expectations. 3. Permit Contingency Addendum: This type of addendum permits the seller to continue marketing the property while the buyer acquires the necessary permits and approvals for specific uses or renovations. 4. Legal Contingency Addendum: With this addendum, the seller can market the property while legal matters related to the property, such as title issues or legal disputes, are being resolved. Each Cook Illinois Addendum for Continued Marketing of Property by Seller due to Contingencies is designed to cater to a specific contingency, allowing the seller to maintain momentum in marketing efforts and secure potential buyers during the contingency period. It is crucial for both the seller and buyer to clearly define the terms and conditions within the addendum to ensure a fair and transparent transaction.

Cook Illinois Addendum for Continued Marketing of Property by Seller due to Contingencies is a legal document used in real estate transactions to extend the marketing period for a property by the seller, depending on certain contingencies. This addendum provides the seller with the flexibility to continue marketing the property while contingent events are being resolved. With the Cook Illinois Addendum for Continued Marketing of Property by Seller due to Contingencies, sellers can gain additional time to address contingencies such as securing financing, obtaining necessary permits, inspections, or resolving legal matters. This addendum safeguards the interests of both the seller and potential buyers by allowing the property to remain on the market during the contingency period. There are various types of Cook Illinois Addendum for Continued Marketing of Property by Seller due to Contingencies available, tailored to specific contingencies that may arise during a real estate transaction. Some common types include: 1. Financing Contingency Addendum: This addendum allows sellers to continue marketing the property while the buyer secures financing and obtains the necessary loan commitments. 2. Inspection Contingency Addendum: With this addendum, the seller can proceed with marketing efforts while the buyer conducts property inspections and ensures the property meets their expectations. 3. Permit Contingency Addendum: This type of addendum permits the seller to continue marketing the property while the buyer acquires the necessary permits and approvals for specific uses or renovations. 4. Legal Contingency Addendum: With this addendum, the seller can market the property while legal matters related to the property, such as title issues or legal disputes, are being resolved. Each Cook Illinois Addendum for Continued Marketing of Property by Seller due to Contingencies is designed to cater to a specific contingency, allowing the seller to maintain momentum in marketing efforts and secure potential buyers during the contingency period. It is crucial for both the seller and buyer to clearly define the terms and conditions within the addendum to ensure a fair and transparent transaction.