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.
Tarrant Texas Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a legal document used in real estate transactions specifically for short sale properties in Tarrant County, Texas. This addendum provides additional terms and conditions to be included in the original purchase and sale contract to ensure a smooth and fair short sale transaction process. The Tarrant Texas Short Sale Addendum serves as an agreement between the buyer, seller, and any involved lenders or mortgage holders. It outlines specific details, responsibilities, and obligations related to the short sale transaction and protects the interests of all parties involved. Key provisions found in the Tarrant Texas Short Sale Addendum may include: 1. Purchase Price: This section describes the agreed-upon purchase price for the property and any adjustments that need to be made due to appraisal or repairs. 2. Contingencies: The addendum may include special contingencies related to the short sale process, such as approval from the lender, appraisal, inspection, or other conditions necessary to proceed with the purchase. 3. Disclosures: The addendum includes a requirement for the seller to disclose any known defects or issues with the property. 4. Seller Cooperation: This section outlines the seller's responsibilities, such as providing necessary financial documents, cooperating with the lender, and making the property available for inspections. 5. Lender Approval: The addendum may also specify that the contract is subject to the approval of the seller's mortgage lender, as the lender ultimately decides whether to accept the short sale. 6. Earnest Money: The addendum might specify the amount of earnest money to be deposited by the buyer and provide instructions on its handling in the event of a failed short sale. It's worth noting that while there may not be different types of Tarrant Texas Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate, variations can occur based on the unique requirements of each short sale situation and the preferences of involved parties or lenders. However, these variations typically address the same core elements and are designed to protect both the buyer and the seller in a short sale transaction.Tarrant Texas Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a legal document used in real estate transactions specifically for short sale properties in Tarrant County, Texas. This addendum provides additional terms and conditions to be included in the original purchase and sale contract to ensure a smooth and fair short sale transaction process. The Tarrant Texas Short Sale Addendum serves as an agreement between the buyer, seller, and any involved lenders or mortgage holders. It outlines specific details, responsibilities, and obligations related to the short sale transaction and protects the interests of all parties involved. Key provisions found in the Tarrant Texas Short Sale Addendum may include: 1. Purchase Price: This section describes the agreed-upon purchase price for the property and any adjustments that need to be made due to appraisal or repairs. 2. Contingencies: The addendum may include special contingencies related to the short sale process, such as approval from the lender, appraisal, inspection, or other conditions necessary to proceed with the purchase. 3. Disclosures: The addendum includes a requirement for the seller to disclose any known defects or issues with the property. 4. Seller Cooperation: This section outlines the seller's responsibilities, such as providing necessary financial documents, cooperating with the lender, and making the property available for inspections. 5. Lender Approval: The addendum may also specify that the contract is subject to the approval of the seller's mortgage lender, as the lender ultimately decides whether to accept the short sale. 6. Earnest Money: The addendum might specify the amount of earnest money to be deposited by the buyer and provide instructions on its handling in the event of a failed short sale. It's worth noting that while there may not be different types of Tarrant Texas Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate, variations can occur based on the unique requirements of each short sale situation and the preferences of involved parties or lenders. However, these variations typically address the same core elements and are designed to protect both the buyer and the seller in a short sale transaction.
