Oakland Michigan Addendum for Continued Marketing of Property by Seller due to Contingencies

• Category: Real Estate - Contracts - Addendums
• State: Multi-State
• County: Oakland
• 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. Oakland County Michigan is located in the southeastern part of the state, and it is the second most populous county in Michigan. Known for its diverse communities, thriving economy, and beautiful natural landscape, Oakland County offers residents and visitors a wide range of attractions and opportunities. The Oakland Michigan Addendum for Continued Marketing of Property by Seller due to Contingencies is a document that provides flexibility to sellers in the real estate market who face certain contingencies that may affect the sale of their property. This addendum allows sellers to continue marketing their property even after an offer has been accepted, ensuring that they have alternative options in case the initial deal falls through. There are two main types of Oakland Michigan Addendum for Continued Marketing of Property by Seller due to Contingencies: 1. Financing Contingency: This type of addendum is used when a potential buyer's loan application is still in the process of being approved. In this case, the seller may opt to continue marketing the property and accepting backup offers until the buyer's financing is finalized. If the financing falls through, the seller can proceed with another offer without starting the entire marketing process from scratch. 2. Inspection Contingency: This addendum is used when the buyer wishes to perform inspections before finalizing the purchase. If the inspection reveals any issues that the buyer is not willing to accept, they may choose to terminate the agreement. In this case, the seller can continue marketing the property and accepting backup offers until a mutually satisfactory agreement is reached. By utilizing the Oakland Michigan Addendum for Continued Marketing of Property by Seller due to Contingencies, sellers can maintain momentum in the real estate market and ensure that they have viable alternatives if unexpected circumstances arise. This addendum provides sellers with flexibility and peace of mind during the sometimes unpredictable process of selling a property.

Oakland County Michigan is located in the southeastern part of the state, and it is the second most populous county in Michigan. Known for its diverse communities, thriving economy, and beautiful natural landscape, Oakland County offers residents and visitors a wide range of attractions and opportunities. The Oakland Michigan Addendum for Continued Marketing of Property by Seller due to Contingencies is a document that provides flexibility to sellers in the real estate market who face certain contingencies that may affect the sale of their property. This addendum allows sellers to continue marketing their property even after an offer has been accepted, ensuring that they have alternative options in case the initial deal falls through. There are two main types of Oakland Michigan Addendum for Continued Marketing of Property by Seller due to Contingencies: 1. Financing Contingency: This type of addendum is used when a potential buyer's loan application is still in the process of being approved. In this case, the seller may opt to continue marketing the property and accepting backup offers until the buyer's financing is finalized. If the financing falls through, the seller can proceed with another offer without starting the entire marketing process from scratch. 2. Inspection Contingency: This addendum is used when the buyer wishes to perform inspections before finalizing the purchase. If the inspection reveals any issues that the buyer is not willing to accept, they may choose to terminate the agreement. In this case, the seller can continue marketing the property and accepting backup offers until a mutually satisfactory agreement is reached. By utilizing the Oakland Michigan Addendum for Continued Marketing of Property by Seller due to Contingencies, sellers can maintain momentum in the real estate market and ensure that they have viable alternatives if unexpected circumstances arise. This addendum provides sellers with flexibility and peace of mind during the sometimes unpredictable process of selling a property.