Fulton Georgia, situated in the heart of the state, is a vibrant county known for its rich history, cultural diversity, and thriving real estate market. As a seller, it is crucial to be well-informed about the Fulton Georgia Addendum for Continued Marketing of Property due to Contingencies. This addendum serves as an essential tool to ensure a smooth transaction amid potential contingencies that may arise. The Fulton Georgia Addendum for Continued Marketing of Property by Seller due to Contingencies offers flexibility to sellers who want to continue marketing their property while navigating certain contingencies. This addendum plays a significant role in managing real estate deals that involve uncertainties such as the buyer's financing, home inspection, or appraisal. There are various types of Fulton Georgia Addendums for Continued Marketing of Property by Seller due to Contingencies, each addressing specific scenarios. Some of these addendums are as follows: 1. Financing Contingency Addendum: This addendum allows sellers to market their property even if the buyer's financing is not yet secured. It ensures that the seller can continue to receive offers and consider alternative buyers while the financing process is underway. 2. Home Inspection Contingency Addendum: If the buyer's offer is contingent upon a satisfactory home inspection, this addendum enables the seller to continue marketing the property until the inspection is completed. It provides a window of opportunity for backup offers if the initial buyer's inspection does not meet their expectations. 3. Appraisal Contingency Addendum: In cases where the buyer's offer is subject to the property's appraisal value, this addendum permits the seller to keep marketing the property throughout the appraisal process. It allows the seller to retain the option of accepting backup offers if the property's appraised value does not align with the buyer's offer. 4. Contingency Waiver Addendum: This addendum is applicable when buyers choose to waive specific contingencies, such as financing or inspections. Sellers can leverage this addendum to further promote their property, confident that buyers have minimized the potential risk of contingencies during the transaction. By utilizing the appropriate Fulton Georgia Addendum for Continued Marketing of Property by Seller due to Contingencies, sellers can ensure maximum exposure for their property and increase the likelihood of a successful sale. It is important to consult with a knowledgeable real estate professional or attorney to determine the most suitable addendum based on the specific circumstances of the transaction.
Fulton Georgia Addendum for Continued Marketing of Property by Seller due to Contingencies
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FAQ
Contingent in any sense means depending on certain circumstances. In real estate, when a house is listed as contingent, it means that an offer has been made and accepted, but before the deal is complete, some additional criteria must be met.
What Is a Contingency? A contingency is a potential occurrence of a negative event in the future, such as an economic recession, natural disaster, fraudulent activity, terrorist attack, or a pandemic. In 2020, businesses were hit with the coronavirus pandemic forcing many employees to have to work remotely.
The bottom line. Overall, successful contingent offers are common. According to the National Association of Realtors (NAR), 76 percent of all homes sold in January 2018 had contingencies. Among contingent offers, less than five percent fall through, according to multiple sources.
A contingency clause is a contract provision requiring a specific event or action to occur in order for the contract to be considered valid. If the party required to satisfy the contingency clause is unable to do so, the other party is released from its obligations.
A property listed as contingent means the seller has accepted an offer, but they've chosen to keep the listing active in case certain contingencies aren't met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.
An addendum is used to clarify and add things that were not initially part of the original contract or agreement. Think of addendums as additions to the original agreement (for example, adding a deadline where none existed in the original version).
What is an appraisal contingency addendum? An addendum is a separate form that, once signed by the buyer and seller, becomes part of the sales contract. Appraisal contingency addendums are state-specific and allow buyers to move forward with their purchase under certain agreed-upon conditions.
An example of an addendum being used would be if the parties wanted to add something to the original document. For instance, an individual who is purchasing a house may not want to purchase all of the furniture that is being left behind. However, after thinking about it further, he changes his mind.
Standard contingencies include things like a buyer's inspection of the house and satisfaction with the condition that the house is in. Contingencies such as these are often considered a matter of course and their presence within a purchase agreement will likely not be contested.
Continued Marketing Addendum. 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.
