What addendum should a real estate agent use if a buyer needs to sell his home before closing on a second home?

TREC No. 10-6 "Addendum for Sale of Other Buyer Property by Buyer" is used when the mortgage lender requires: the buyer must sell his current home before closing on his contract.

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Addendum for Purchase of Other Property by Seller

Franklin Ohio Addendum for Purchase of Other Property by Seller

Name: Franklin Ohio Addendum for Purchase of Other Property by Seller
Brand: US Legal Forms
Rating: 4.59 (228 reviews)

Category:

Real Estate - Contracts - Addendums

State:

Multi-State

County:

Franklin

Control #:

US-00472-A6

Format:

Instant download

Description

This is an addendum to a Real Estate Purchase Contract. The addendum makes the purchase contract contingent on the Seller's purchase of other property by a date certain. Ideal if Seller needs to find another place to live before selling current residence.

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FAQ

An addendum to purchase and sale agreement is a kind of attachment to a real estate contract that adds new terms and conditions to the original contract. An addendum to purchase and sale agreement can be attached to a contract to modify the actual terms.

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.

TREC No. 10-6 "Addendum for Sale of Other Buyer Property by Buyer" is used when the mortgage lender requires: the buyer must sell his current home before closing on his contract.

The function of an addendum is to modify, clarify, or nullify a portion of the original document, which could be as simple as extending the dates for which the contract is valid or as complex as redefining the payment schedules and deliverables.

How to Create a Purchase Addendum (4 steps)Step 1 Get the Original Purchase Agreement. The buyer and seller should get a copy of the original purchase agreement.Step 2 Write the Addendum. Complete a blank addendum (Adobe PDF, Microsoft Word (.Step 3 Parties Agree and Sign.Step 4 Add to the Purchase Agreement.

An addendum is an addition to a finished document, such as a contract. The most common addendum is an attachment or exhibit at the end of such a document.

End with an addendum to ensure you always get the last word in Word.Open the Word document to receive the addendum.Scroll to the last part of the document or press the Page Down key.Place the cursor to the right of the last character in the document.Type the word Addendum on the new line.More items...

Writing a Contract AddendumName the parties to the contract. Indicate the addendum's effective date, using the same date format used in the original contract. Indicate the elements of the original contract that the addendum intends to change. Concisely but clearly describe the desired changes.

An addendum is an additional document that gets added to the purchase and sale agreement. The document will include any additional information or requests that the buyer did not put into the original purchase and sale agreement.

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Purchasing a Short Sale. •. And selling residential real estate in Massachusetts.(The Lake Addendum is recommended for use only with the RVAR Purchase Agreement or RVAR Lot Land Purchase Agreement). Cost assistance, after seller concessions and lender credits. The City's URA Addendum must be completed prior to the fully executed purchase and sales agreement. If you are using the Arizona Association of REALTORS® ("AAR") Residential Resale Real Estate Purchase. Send offer to me, seller will counter until terms are agreed to. Once MOTM occurs, the seller willsend a counter addendum. 10 LISTING AGENT: Jodi Mallas.

Franklin Ohio Addendum for Purchase of Other Property by Seller

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What is a purchase addendum?

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What addendum should a real estate agent use if a buyer needs to sell his home before closing on a second home?

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How do you write an addendum to a purchase agreement?

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What is the Franklin Addendum for Purchase of Other Property?

Why would a seller need to include the Franklin Addendum for Purchase of Other Property?

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