Kings New York Addendum for Purchase of Other Property by Seller is a legal agreement that is commonly used in real estate transactions. This addendum is designed to provide additional provisions and conditions when a seller intends to purchase another property concurrently with the sale of their current property. It helps regulate the process and ensure all parties involved are aware of the seller's intent and its impact on the transaction. Keywords: Kings New York, addendum, purchase, other property, seller, real estate, transaction, provisions, conditions, concurrent sale. There are different types of Kings New York Addendum for Purchase of Other Property by Seller, including: 1. Concurrent Purchase Addendum: This addendum specifies the conditions under which the seller can concurrently purchase another property while selling their current one. It outlines the obligations, timelines, and potential consequences related to such a transaction. 2. Financing Contingency Addendum: This type of addendum focuses on the financial aspects of the seller's purchase of another property. It may include provisions related to securing financing, release of funds, and potential consequences if the financing falls through. 3. Inspection Contingency Addendum: This addendum addresses the seller's right to inspect the property they intend to purchase while simultaneously selling their current one. It outlines the timelines, conditions, and potential consequences if the inspection does not meet the seller's expectations. 4. Title Contingency Addendum: This addendum specifies the seller's right to obtain clear title for the property they intend to purchase, ensuring there are no outstanding liens or encumbrances. It outlines the conditions, responsibilities, and potential consequences related to the title clearance process. 5. Termination Addendum: In some cases, the seller may need to terminate the addendum should they decide not to pursue the purchase of another property concurrently. This addendum outlines the conditions, timelines, and potential consequences of terminating the addendum. Note: The specific types of addenda may vary depending on the jurisdiction and the specifics of the real estate transaction.
Kings New York Addendum for Purchase of Other Property by Seller
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