Harris Texas Addendum for Sale of Other Property by Buyer

• Category: Real Estate - Contracts - Addendums
• State: Multi-State
• County: Harris
• Control #: US-00472-A7
• Format: Word; Rich Text

Description

Attaching this addendum makes the Real Estate Purchase Contract contingent on Buyer's sale of other property by a date certain. Ideal if Buyer must sell their old home before buying the new residence. The Harris Texas Addendum for Sale of Other Property by Buyer is a legal document used in real estate transactions in Harris County, Texas. This addendum is utilized when a buyer wants to include a contingency in the purchase agreement, stating that they must sell or close on the sale of another property before closing on the current transaction. This addendum serves as an additional agreement between the buyer and seller, outlining the specific terms and conditions related to the buyer's co-dependent property sale. It ensures that both parties are aware of the buyer's obligation to sell their other property in order to fulfill the terms of the purchase agreement. The Harris Texas Addendum for Sale of Other Property by Buyer typically includes the following essential information: 1. Parties Involved: The addendum will identify the buyer and seller involved in the real estate transaction, along with their contact details. 2. Contingency: This addendum explicitly states that the buyer's purchase of the subject property is contingent upon the successful sale or closing of the buyer's other property. 3. Timeline: The addendum will include a specific deadline by which the buyer must sell their other property. It ensures that the seller is aware of the timeframe within which they can expect the buyer to fulfill the contingency. 4. Notice: This section defines the nature of the notice that the buyer must provide to the seller, indicating the successful sale or closing of the buyer's other property. It usually requires written notice within a specified number of days. 5. Remedies: The addendum may outline the remedies available to both parties if the buyer fails to sell or close on their other property within the agreed-upon timeframe. These may include termination of the purchase agreement or negotiation for an extension of the contingency period. It's important to note that, while this description encompasses the general elements of a Harris Texas Addendum for Sale of Other Property by Buyer, variations or additional provisions may exist depending on the specific requirements of the buyer, seller, or the real estate transaction itself. Various types or versions of the Harris Texas Addendum for Sale of Other Property by Buyer may be named differently based on factors such as the real estate brokerage or law firm drafting the document. Some possible alternative names could include: 1. Harris Texas Co-Dependent Property Addendum 2. Harris Texas Contingency Addendum for Buyer's Property Sale 3. Harris Texas Purchase Agreement Addendum — Sale of Other Property 4. Harris Texas Property Sale Contingency Addendum 5. Harris Texas Addendum for Buyer's Property Sale Requirement. Real estate professionals and buyers in Harris County, Texas, should consult a qualified attorney or real estate agent to ensure they are utilizing the appropriate addendum and to customize it to their specific needs and circumstances.

The Harris Texas Addendum for Sale of Other Property by Buyer is a legal document used in real estate transactions in Harris County, Texas. This addendum is utilized when a buyer wants to include a contingency in the purchase agreement, stating that they must sell or close on the sale of another property before closing on the current transaction. This addendum serves as an additional agreement between the buyer and seller, outlining the specific terms and conditions related to the buyer's co-dependent property sale. It ensures that both parties are aware of the buyer's obligation to sell their other property in order to fulfill the terms of the purchase agreement. The Harris Texas Addendum for Sale of Other Property by Buyer typically includes the following essential information: 1. Parties Involved: The addendum will identify the buyer and seller involved in the real estate transaction, along with their contact details. 2. Contingency: This addendum explicitly states that the buyer's purchase of the subject property is contingent upon the successful sale or closing of the buyer's other property. 3. Timeline: The addendum will include a specific deadline by which the buyer must sell their other property. It ensures that the seller is aware of the timeframe within which they can expect the buyer to fulfill the contingency. 4. Notice: This section defines the nature of the notice that the buyer must provide to the seller, indicating the successful sale or closing of the buyer's other property. It usually requires written notice within a specified number of days. 5. Remedies: The addendum may outline the remedies available to both parties if the buyer fails to sell or close on their other property within the agreed-upon timeframe. These may include termination of the purchase agreement or negotiation for an extension of the contingency period. It's important to note that, while this description encompasses the general elements of a Harris Texas Addendum for Sale of Other Property by Buyer, variations or additional provisions may exist depending on the specific requirements of the buyer, seller, or the real estate transaction itself. Various types or versions of the Harris Texas Addendum for Sale of Other Property by Buyer may be named differently based on factors such as the real estate brokerage or law firm drafting the document. Some possible alternative names could include: 1. Harris Texas Co-Dependent Property Addendum 2. Harris Texas Contingency Addendum for Buyer's Property Sale 3. Harris Texas Purchase Agreement Addendum — Sale of Other Property 4. Harris Texas Property Sale Contingency Addendum 5. Harris Texas Addendum for Buyer's Property Sale Requirement. Real estate professionals and buyers in Harris County, Texas, should consult a qualified attorney or real estate agent to ensure they are utilizing the appropriate addendum and to customize it to their specific needs and circumstances.