Fill and Sign the Real Estate 101 Promulgated Contract Forms Wo Flashcards

Page 1 of 2 EQUAL HOUSING OPPORTUNITYPROMULGATED BY THE _______________________________ ADDENDUM FOR SALE OF OTHER PROPERTY BY BUYER ADDENDUM TO EARNEST MONEY CONTRACT BETWEEN THE UNDERSIGNED PARTIES CONCERNING THE PROPERTY AT _____________________________________________________________________________ (Street Address and City) 1. The contract is contingent upon Buyer's receipt of the proceeds from the sale of Buyer's property at ______________________________________________________(Address) by _____:00 a.m/p.m. on __________________, 20_____ (the Contingency). If the Contingency is not satisfied or waived by Buyer by the above time and date, the contract shall terminate and the Earnest Money shall be refunded to Buyer. NOTICE: The date inserted in this Paragraph should be no later than the date inserted in Paragraph 9 of the contract. Seller may continue to show the Property and consider offers from other buyers. 2. If Seller accepts a written offer to purchase the Property, Seller shall notify Buyer (1) of such acceptance AND (2) that Seller requires Buyer to waive the Contingency. Buyer shall waive the Contingency by ___:00 a.m./p.m. on the _____________ day after Buyer receives Seller's notice; otherwise the contract shall terminate and the Earnest Money shall be refunded to Buyer. 3. Buyer may only waive the Contingency by notifying Seller of the waiver and depositing $_______________ with Escrow Agent as additional Earnest Money. All notices shall be in writing and effective when delivered in accordance with the contract. 4. If Buyer waives the Contingency and Buyer's loan or assumption approval is conditioned upon the sale of Buyer's property described in Paragraph A above, Buyer shall be in default if such condition is not satisfied by the date provided for in Paragraph 4 of the contract. In the event of such default, Seller shall be entitled to exercise the remedies specified in the default paragraph of the contract. If, however, Buyer fails to obtain loan or assumption approval for any other reason the provisions of Paragraph 4 shall remain in effect. 5. For purposes of this Addendum time is of the essence; strict compliance with the times Page 2 of 2 for performance stated herein is required. ________________________________ ___________________________________ Buyer Seller _________________________________ ___________________________________ Buyer Seller The form of this addendum has been approved by the ______________ for use only with similarly approved or promulgated forms of contracts. No representation is made as to the legal validity or adequacy of any provision in any specific transactions. It is not suitable for complex transactions