Wayne Michigan Addendum for Purchase of Other Property by Seller

• Category: Real Estate - Contracts - Addendums
• State: Multi-State
• County: Wayne
• Control #: US-00472-A6
• Format: Word; Rich Text

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. Wayne Michigan Addendum for Purchase of Other Property by Seller is a legal document that serves as an appendix to a real estate purchase agreement. This addendum outlines specific terms and conditions related to the seller's intention to purchase another property while simultaneously selling the current property. In Wayne County, Michigan, there are several types of Addendum for Purchase of Other Property by Seller, which include: 1. Wayne Michigan Addendum for Concurrent Closing: This addendum is used when the seller intends to close on the purchase of their new property concurrently with the sale of the current property. It specifies the timeline, responsibilities, and potential contingencies if the closing of either property is delayed or does not occur as planned. 2. Wayne Michigan Addendum for Delayed Closing: This addendum is used when the seller needs more time to coordinate the purchase of their new property and requests a delayed closing for the sale of their current property. It outlines the new closing date and any associated penalties or extensions for both parties. 3. Wayne Michigan Addendum for Contingent Offer: This addendum is used when the sale of the seller's current property is contingent upon successfully securing a new property. It details the specific conditions or criteria for the seller to move forward with the purchase agreement, ensuring that the seller isn't left without a new property if the contingent offer falls through. 4. Wayne Michigan Addendum for Right of First Refusal: This addendum grants the seller the right to be presented with any offers made on a specific property before it can be sold to another buyer. This addendum is commonly used when the seller has a strong interest in purchasing a particular property and wishes to secure their opportunity to buy it. When drafting a Wayne Michigan Addendum for Purchase of Other Property by Seller, it is essential to include relevant information such as the addresses of both properties involved, any financing arrangements, the intended closing dates, and stipulations for potential delays or contingencies. It's crucial to consult a real estate attorney to ensure that the addendum complies with local laws and adequately protects the rights and interests of the buyer and seller.

Wayne Michigan Addendum for Purchase of Other Property by Seller is a legal document that serves as an appendix to a real estate purchase agreement. This addendum outlines specific terms and conditions related to the seller's intention to purchase another property while simultaneously selling the current property. In Wayne County, Michigan, there are several types of Addendum for Purchase of Other Property by Seller, which include: 1. Wayne Michigan Addendum for Concurrent Closing: This addendum is used when the seller intends to close on the purchase of their new property concurrently with the sale of the current property. It specifies the timeline, responsibilities, and potential contingencies if the closing of either property is delayed or does not occur as planned. 2. Wayne Michigan Addendum for Delayed Closing: This addendum is used when the seller needs more time to coordinate the purchase of their new property and requests a delayed closing for the sale of their current property. It outlines the new closing date and any associated penalties or extensions for both parties. 3. Wayne Michigan Addendum for Contingent Offer: This addendum is used when the sale of the seller's current property is contingent upon successfully securing a new property. It details the specific conditions or criteria for the seller to move forward with the purchase agreement, ensuring that the seller isn't left without a new property if the contingent offer falls through. 4. Wayne Michigan Addendum for Right of First Refusal: This addendum grants the seller the right to be presented with any offers made on a specific property before it can be sold to another buyer. This addendum is commonly used when the seller has a strong interest in purchasing a particular property and wishes to secure their opportunity to buy it. When drafting a Wayne Michigan Addendum for Purchase of Other Property by Seller, it is essential to include relevant information such as the addresses of both properties involved, any financing arrangements, the intended closing dates, and stipulations for potential delays or contingencies. It's crucial to consult a real estate attorney to ensure that the addendum complies with local laws and adequately protects the rights and interests of the buyer and seller.