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 Hillsborough Florida Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a legal document that is used in real estate transactions involving a short sale. A short sale occurs when a property is sold for less than what is owed on the mortgage, and it requires additional terms and conditions to be included in the contract. This addendum specifically addresses the unique aspects of a short sale transaction in Hillsborough County, Florida. It is important to understand that there may be different variations of the addendum, depending on the specific circumstances of the sale. While the specifics may vary, the general purpose of the addendum is to protect both the buyer and the seller in a short sale transaction. The Hillsborough Florida Short Sale Addendum includes provisions that cover various aspects of the sale. For instance, it may include terms that require the buyer and seller to obtain lender approval for the short sale, as well as provisions outlining the timeline for approval and closing. Additionally, the addendum may address any potential deficiencies on the part of the seller, such as outstanding liens or unpaid taxes. It may also include language regarding the allocation of closing costs and who is responsible for paying them. Another key component of the addendum is the provision outlining the potential risks and responsibilities of the buyer. These may include the possibility of delays in lender approval and the potential for the property to be sold to another interested buyer during the short sale process. It is essential for both parties involved in a short sale transaction to carefully review and understand the Hillsborough Florida Short Sale Addendum. This document provides important protections and guidelines specific to the unique nature of a short sale in Hillsborough County, Florida. Overall, the Hillsborough Florida Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a vital document that ensures a smooth and legally binding transaction in a short sale scenario.The Hillsborough Florida Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a legal document that is used in real estate transactions involving a short sale. A short sale occurs when a property is sold for less than what is owed on the mortgage, and it requires additional terms and conditions to be included in the contract. This addendum specifically addresses the unique aspects of a short sale transaction in Hillsborough County, Florida. It is important to understand that there may be different variations of the addendum, depending on the specific circumstances of the sale. While the specifics may vary, the general purpose of the addendum is to protect both the buyer and the seller in a short sale transaction. The Hillsborough Florida Short Sale Addendum includes provisions that cover various aspects of the sale. For instance, it may include terms that require the buyer and seller to obtain lender approval for the short sale, as well as provisions outlining the timeline for approval and closing. Additionally, the addendum may address any potential deficiencies on the part of the seller, such as outstanding liens or unpaid taxes. It may also include language regarding the allocation of closing costs and who is responsible for paying them. Another key component of the addendum is the provision outlining the potential risks and responsibilities of the buyer. These may include the possibility of delays in lender approval and the potential for the property to be sold to another interested buyer during the short sale process. It is essential for both parties involved in a short sale transaction to carefully review and understand the Hillsborough Florida Short Sale Addendum. This document provides important protections and guidelines specific to the unique nature of a short sale in Hillsborough County, Florida. Overall, the Hillsborough Florida Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a vital document that ensures a smooth and legally binding transaction in a short sale scenario.
