Some state real estate commissions require the use of a buyout addendum when a real estate broker enters into a contract to purchase a property: i) concurrent with the listing of such property; ii) as an inducement or to facilitate the property owner's purchase of another property; or iii) continues to market that property on behalf of the owner under an existing listing contract.
It is generally recommended that a real estate broker use such an addendum when he/she continues to market the property and is only agreeing to buy it to make the deal. If a licensee actually wants to own the property, using the addendum does not solve the conflict of interest.
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.
Franklin Ohio Real Estate Broker Buyout and Price Addendum to Contract to Buy and Sell Real Estate is an additional document that can be added to a real estate purchase contract in Franklin, Ohio. This addendum specifically addresses the terms and conditions related to the involvement of real estate brokers and any potential buyout or price modifications. The purpose of the Franklin Ohio Real Estate Broker Buyout and Price Addendum is to provide clarity and protect the interests of all parties involved in the transaction. It outlines the roles and responsibilities of the brokers, as well as any provisions for a potential buyout or price adjustment based on certain conditions. There could be various types or versions of the Franklin Ohio Real Estate Broker Buyout and Price Addendum, depending on the specific requirements of the transaction. Here are some examples: 1. Buyout Addendum: This addendum specifies the terms and conditions under which the buyer or seller's broker may be bought out by the respective party. It may outline the buyout process, including any applicable fees or commissions. 2. Price Adjustment Addendum: This addendum allows for the modification of the purchase price under certain circumstances. It may include provisions for price adjustments based on appraisals, inspections, or other factors that could affect the property's value. 3. Dual Agency Addendum: In cases where the real estate broker represents both the buyer and seller, a dual agency addendum may be included. This addendum establishes the guidelines and limitations of the broker's responsibilities to ensure fairness and transparency. 4. Commission Addendum: This addendum addresses the commissions to be paid to the brokers involved in the transaction. It outlines the agreed-upon commission structure, the party responsible for paying the commission, and any special conditions related to the broker's compensation. Overall, the Franklin Ohio Real Estate Broker Buyout and Price Addendum to Contract to Buy and Sell Real Estate aims to safeguard the interests of all parties involved and provide clear guidelines on broker involvement, potential buyouts, and price adjustments.Franklin Ohio Real Estate Broker Buyout and Price Addendum to Contract to Buy and Sell Real Estate is an additional document that can be added to a real estate purchase contract in Franklin, Ohio. This addendum specifically addresses the terms and conditions related to the involvement of real estate brokers and any potential buyout or price modifications. The purpose of the Franklin Ohio Real Estate Broker Buyout and Price Addendum is to provide clarity and protect the interests of all parties involved in the transaction. It outlines the roles and responsibilities of the brokers, as well as any provisions for a potential buyout or price adjustment based on certain conditions. There could be various types or versions of the Franklin Ohio Real Estate Broker Buyout and Price Addendum, depending on the specific requirements of the transaction. Here are some examples: 1. Buyout Addendum: This addendum specifies the terms and conditions under which the buyer or seller's broker may be bought out by the respective party. It may outline the buyout process, including any applicable fees or commissions. 2. Price Adjustment Addendum: This addendum allows for the modification of the purchase price under certain circumstances. It may include provisions for price adjustments based on appraisals, inspections, or other factors that could affect the property's value. 3. Dual Agency Addendum: In cases where the real estate broker represents both the buyer and seller, a dual agency addendum may be included. This addendum establishes the guidelines and limitations of the broker's responsibilities to ensure fairness and transparency. 4. Commission Addendum: This addendum addresses the commissions to be paid to the brokers involved in the transaction. It outlines the agreed-upon commission structure, the party responsible for paying the commission, and any special conditions related to the broker's compensation. Overall, the Franklin Ohio Real Estate Broker Buyout and Price Addendum to Contract to Buy and Sell Real Estate aims to safeguard the interests of all parties involved and provide clear guidelines on broker involvement, potential buyouts, and price adjustments.
