Middlesex Massachusetts Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate

Name: Middlesex Massachusetts Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate
Brand: US Legal Forms
Rating: 4.64 (395 reviews)

Category:

Real Estate - Contracts - Addendums

State:

Multi-State

County:

Middlesex

Control #:

US-01185BG

Format:

Instant download

Description

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.

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Writing a Contract Addendum Name the parties to the contract. Indicate the addendum's effective date, using the same date format used in the original contract. Indicate the elements of the original contract that the addendum intends to change. Concisely but clearly describe the desired changes.

How to Create a Purchase Addendum (4 steps) Step 1 Get the Original Purchase Agreement. The buyer and seller should get a copy of the original purchase agreement.Step 2 Write the Addendum. Complete a blank addendum (Adobe PDF, Microsoft Word (.Step 3 Parties Agree and Sign.Step 4 Add to the Purchase Agreement.

A standard short sale addendum generally addresses a number of items that are specific and unique to the agreement of sale. These may include: An acknowledgement that the transaction is a short sale, and that as such there are additional third parties that have an interest in the property being sold.

A purchase agreement is the most common type of real estate agreement. This contract specifies the details regarding the sale of property.

What's a Seller Addendum? It's an addition to the normal sale and purchase agreement that severely limits Seller's liability during and after the sale process. For example, the Seller Addendum might limit damages to which Buyer is entitled in the event Seller fails to disclose some problem with the property.

Buyer contingencies addenda. Buyer contingencies are the most common addenda, according to Justin Ostow, a top real estate agent in Tampa, Florida, who completes 10% more sales than the average agent. Contingencies dictate certain conditions which must be met for the contract to go through.

An example of an addendum being used would be if the parties wanted to add something to the original document. For instance, an individual who is purchasing a house may not want to purchase all of the furniture that is being left behind. However, after thinking about it further, he changes his mind.

You can use a contract amendment letter to list the changes to the original document and have both parties sign. You can create a contract amendment created from a template or from a legal services provider. You can add amendment pagesdigital or printto the end of the original signed contract.

What should I include in my Contract Addendum? The names of the individuals, corporations, or organizations involved in the original contract. The date that the parties will sign the Contract Addendum. A description of the original contract's purpose and the date it was signed. The specific amendment(s) that you are making.

A real estate addendum modifies an original lease or purchase agreement. Items in the addendum could reflect a change in the agreed-upon price, what is included in the transfer of property, what improvements must be made before the home is paid for, or any other agreed-upon requests or responsibilities.

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The short sale addendum is put into practice when selling a property for less than what is owed on the mortgage. How do I buy and sell in the same day?Home for Sale: 1591 sq. ft. Is an action on a thug for the steam of residential property. Expect the Unexpected New. Drafting and Preparing Contracts for All Types of Small Businesses. Eastern Connecticut Association of Realtors Purchase and Sale Agreement . Common Purchasing Terms. November 1, 2017.

Middlesex Massachusetts Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate

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