In real estate, a short sale occurs when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor (i.e., the seller). Circumstances determine whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing.
This form is a sample of an Addendum to a standard real estate sales contract in order to incorporate the short sales provisions. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The Cook Illinois Short Sale Addendum to the Contract for the Price, Purchase and Sale of Real Estate is a legal document that outlines specific terms and conditions related to the purchase of real estate in Cook County, Illinois in a short sale scenario. This addendum serves as an extension to the standard contract, acknowledging the unique nature of a short sale transaction and providing additional provisions to protect the rights and interests of both the buyer and the seller. Keywords: Cook Illinois, Short Sale Addendum, Contract, Price, Purchase, Sale of Real Estate, terms and conditions, real estate, Cook County, short sale transaction, buyer, seller, rights, interests, provisions. There are various types of Cook Illinois Short Sale Addendums to the Contract for the Price, Purchase and Sale of Real Estate that can be tailored to specific situations or scenarios. Some common variations may include: 1. Residential Cook Illinois Short Sale Addendum: This addendum is designed for residential properties being sold in a short sale in Cook County, Illinois. It addresses residential-specific considerations, such as the inclusion of appliances, homeowner association fees, and other related factors. 2. Commercial Cook Illinois Short Sale Addendum: This addendum is specifically designed for commercial properties involved in a short sale in Cook County, Illinois. It may include provisions related to zoning laws, easements, and other commercial real estate considerations. 3. Multi-Unit Cook Illinois Short Sale Addendum: This addendum is used when a short sale involves a multi-unit property, such as a duplex, triplex, or apartment building, in Cook County, Illinois. It may include provisions related to tenant occupancy rights, rent collection, and other multifamily-specific considerations. 4. Vacant Land Cook Illinois Short Sale Addendum: This addendum is applicable when a short sale involves vacant land or undeveloped property in Cook County, Illinois. It may include provisions related to zoning regulations, environmental assessments, and other land-specific considerations. 5. Condo/Townhouse Cook Illinois Short Sale Addendum: This addendum is tailored for short sale transactions involving condominiums or townhouses in Cook County, Illinois. It may include provisions related to homeowner association agreements, common areas, and other condo/townhouse-specific considerations. Each type of Cook Illinois Short Sale Addendum serves to address the unique factors and considerations involved in different real estate situations, ensuring that all parties are protected and fully informed throughout the short sale process.The Cook Illinois Short Sale Addendum to the Contract for the Price, Purchase and Sale of Real Estate is a legal document that outlines specific terms and conditions related to the purchase of real estate in Cook County, Illinois in a short sale scenario. This addendum serves as an extension to the standard contract, acknowledging the unique nature of a short sale transaction and providing additional provisions to protect the rights and interests of both the buyer and the seller. Keywords: Cook Illinois, Short Sale Addendum, Contract, Price, Purchase, Sale of Real Estate, terms and conditions, real estate, Cook County, short sale transaction, buyer, seller, rights, interests, provisions. There are various types of Cook Illinois Short Sale Addendums to the Contract for the Price, Purchase and Sale of Real Estate that can be tailored to specific situations or scenarios. Some common variations may include: 1. Residential Cook Illinois Short Sale Addendum: This addendum is designed for residential properties being sold in a short sale in Cook County, Illinois. It addresses residential-specific considerations, such as the inclusion of appliances, homeowner association fees, and other related factors. 2. Commercial Cook Illinois Short Sale Addendum: This addendum is specifically designed for commercial properties involved in a short sale in Cook County, Illinois. It may include provisions related to zoning laws, easements, and other commercial real estate considerations. 3. Multi-Unit Cook Illinois Short Sale Addendum: This addendum is used when a short sale involves a multi-unit property, such as a duplex, triplex, or apartment building, in Cook County, Illinois. It may include provisions related to tenant occupancy rights, rent collection, and other multifamily-specific considerations. 4. Vacant Land Cook Illinois Short Sale Addendum: This addendum is applicable when a short sale involves vacant land or undeveloped property in Cook County, Illinois. It may include provisions related to zoning regulations, environmental assessments, and other land-specific considerations. 5. Condo/Townhouse Cook Illinois Short Sale Addendum: This addendum is tailored for short sale transactions involving condominiums or townhouses in Cook County, Illinois. It may include provisions related to homeowner association agreements, common areas, and other condo/townhouse-specific considerations. Each type of Cook Illinois Short Sale Addendum serves to address the unique factors and considerations involved in different real estate situations, ensuring that all parties are protected and fully informed throughout the short sale process.
