Fill and Sign the Real Estate Addendum Form

Real Estate Broker Buy-Out Addendum to Contract to Buy and Sell Real Estate 1. Amendment to Contract to Buy and Sell Real Estate This Real Estate Broker Buy-Out Addendum ( Addendum ) is made part of that Contract to Buy and Sell Real Estate Contract ( Contract ) for the purchase and sale of the Property located at _______________________________________________________________ ________________________________________________________________________ ___________________________________ (street address, city, county, state, zip code) , which Property is more fully described in said Contract, which is dated _____________________________________________ (date), between Seller and the undersigned Real Estate Broker as Buyer. This Addendum shall control in the event of any conflict with the Contract to which it is attached. 2. Provisions to be Deleted The following provisions of the Contract are hereby deleted: (specify provisions) ________________________________________________________________________ ________________________________________________________________________ _______________________________________________________________________. 3. Specific Performance and Liquidated Damages The following provisions of the Contract are amended as follows: subsection _________ (number) , entitled Liquidated Damages, is hereby deleted, and subsection _________ (number), entitled, Specific Performance shall apply if Buyer is in default. 4. Termination The Contract may be terminated at any time by Seller upon written notice to Buyer. Any termination of this Contract shall not affect the listing contract for the Property (Listing Contract). Buyer shall submit all offers to Seller pursuant to the Listing Contract or received by Buyer prior to closing. If Seller accepts any offer submitted by Listing Company or Buyer after the expiration of the Listing Contract , then, upon closing of the resulting contract, this Contract shall automatically terminate and Seller shall pay a sale commission pursuant to the expired Listing Contract. Termination by Seller of the Listing Contract shall terminate Buyer's obligation under this Contact. In the event a deed is delivered to Buyer as provided in Section ___________ (number) , of the Contract, the Listing Contract shall be terminated and no sale commission shall be owed. 5. Reimbursement In the event the Contract is terminated by Seller, Seller agrees to immediately reimburse Buyer for all out-of-pocket expenditures incurred by Buyer in anticipation of closing under the Contract in an amount not to exceed $ ____________________. 6. Broker/Buyer’s Representations Seller acknowledges that Buyer is licensed by the _______________________________ (name of state) Real Estate Commission. Buyer represents that Buyer has sufficient resources to fulfill this agreement subject to Section _________________ (number) of the Contract. Buyer further acknowledges that any financial statement furnished to Seller or any lender, pursuant to Section _______________ (number) of the Contract, are true and correct as of the date the financial statement is furnished to Seller and lender, and Buyer agrees to immediately advise Seller of any adverse material change in the content of the financial statement. 7. Resale, Profit/Loss, Expenses. Seller acknowledges that, in entering into the Contract , Buyer is exposed to possible losses and expenses. Seller acknowledges that following closing, the Property may be held by Buyer for a period of time and/or may be resold, and any profit or loss shall be solely that of Buyer. Seller further acknowledges that there is a chance for profit to Buyer and that certain expenses may accrue to Buyer. Such expenses include costs and expenses of closing, holding, and reselling the Property. Buyer may incur additional expenses, or some anticipated expenses may vary, or may not be incurred. In any event, after closing, Buyer will absorb the loss or receive the profit from any sale and ownership of the Property. (Section 8 is optional.) 8. Other Property The Contract is made to assist Seller to purchase and close on that property commonly known as _______________________________________________ ( Other Property ). If such purchase and closing should not occur, Seller: ( ) shall ( ) shall not reimburse Buyer for all out-of-pocket expenditures in an amount not to exceed $___________________ incurred by Buyer in anticipation of closing under the Contract. In either event, Seller shall return to Buyer all things of value received by Seller hereunder. Thereupon, Seller and Buyer shall be relieved of all further obligation under the Contract. In the event closing on the O ther Property is delayed, the date of closing on this Property shall be extended a like number of days, not to exceed _____________ (number) calendar days from the date set forth in Section ____________ (number) of the Contract. Witness our signatures this ____________________________________________ (date). Broker/Buyer: _________________________ Seller : ___________________________ TIN or SS# ____________________________ SS# _____________________________ Phone ________________________________ Phone ___________________________ Seller : ____________________________ SS# ______________________________ Phone ____________________________