Riverside California Addendum for Continued Marketing of Property by Seller due to Contingencies

• Category: Real Estate - Contracts - Addendums
• State: Multi-State
• County: Riverside
• 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. Riverside California is a vibrant city located in the heart of the Inland Empire region. Situated alongside the Santa Ana River, this bustling city is known for its beautiful landscapes, diverse population, and thriving economy. If you're thinking about selling a property in Riverside, it's essential to familiarize yourself with the various types of addendums that can come into play due to contingencies. Here are some important addendums you should be aware of: 1. Financing Contingency Addendum: This addendum is included when the buyer's ability to secure financing for the property is contingent upon certain factors. It outlines the specific conditions under which the buyer can back out of the deal if they are unable to obtain a mortgage or loan. 2. Inspection Contingency Addendum: This addendum allows the buyer to conduct a thorough inspection of the property before finalizing the sale. It specifies the timeline for completing the inspection and the rights of the buyer to request repairs or negotiate a price reduction based on the results. 3. Appraisal Contingency Addendum: In situations where the property's value is contingent upon an appraisal, this addendum comes into play. It allows the buyer to back out or renegotiate the price if the property appraises for less than the agreed-upon sale price. 4. Sale of Buyer's Property Contingency Addendum: If the buyer's ability to purchase your property relies on the sale of their current home, this addendum is essential. It stipulates that the buyer has a certain amount of time to sell their property or terminate the contract. 5. Title Contingency Addendum: This addendum addresses any issues related to the title of the property. It ensures that the title is clear and marketable, protecting both the buyer and the seller from any legal disputes or claims. 6. Back-up Offer Contingency Addendum: In case the initial purchase agreement falls through, this addendum allows the seller to accept back-up offers. It establishes the terms and conditions under which the back-up offer can proceed in case the primary offer is terminated. These addendums play a crucial role in the real estate transaction process, protecting the rights of both buyers and sellers in Riverside, California. It's important to consult with a knowledgeable real estate professional or attorney to ensure that you understand the implications of each addendum and how they may impact your property sale.

Riverside California is a vibrant city located in the heart of the Inland Empire region. Situated alongside the Santa Ana River, this bustling city is known for its beautiful landscapes, diverse population, and thriving economy. If you're thinking about selling a property in Riverside, it's essential to familiarize yourself with the various types of addendums that can come into play due to contingencies. Here are some important addendums you should be aware of: 1. Financing Contingency Addendum: This addendum is included when the buyer's ability to secure financing for the property is contingent upon certain factors. It outlines the specific conditions under which the buyer can back out of the deal if they are unable to obtain a mortgage or loan. 2. Inspection Contingency Addendum: This addendum allows the buyer to conduct a thorough inspection of the property before finalizing the sale. It specifies the timeline for completing the inspection and the rights of the buyer to request repairs or negotiate a price reduction based on the results. 3. Appraisal Contingency Addendum: In situations where the property's value is contingent upon an appraisal, this addendum comes into play. It allows the buyer to back out or renegotiate the price if the property appraises for less than the agreed-upon sale price. 4. Sale of Buyer's Property Contingency Addendum: If the buyer's ability to purchase your property relies on the sale of their current home, this addendum is essential. It stipulates that the buyer has a certain amount of time to sell their property or terminate the contract. 5. Title Contingency Addendum: This addendum addresses any issues related to the title of the property. It ensures that the title is clear and marketable, protecting both the buyer and the seller from any legal disputes or claims. 6. Back-up Offer Contingency Addendum: In case the initial purchase agreement falls through, this addendum allows the seller to accept back-up offers. It establishes the terms and conditions under which the back-up offer can proceed in case the primary offer is terminated. These addendums play a crucial role in the real estate transaction process, protecting the rights of both buyers and sellers in Riverside, California. It's important to consult with a knowledgeable real estate professional or attorney to ensure that you understand the implications of each addendum and how they may impact your property sale.