There are times when you find that there is a need for you to make additions to a sales contract that you are involved with. How do you come up with a sales addendum? We are here to help you do just that.
If you are on the lookout for high-quality samples of sales addendum, we are here to provide you with 10+ samples that you will not regret checking out. Plus, we also have the basics of sales addendum that can be of great help if you have to start making your very own addendum to a contract example that you are involved with.
Addendum to Sales Agreement
Basic Sales Addendum
Contract of Purchase and Sale Addendum
General Information about Short Sales
Short sales are very common in real estate. A ton of times, sale addenda are added to real estate sales. So before we go to what a sales addendum is, let us first discuss basic things about short sales.
A short sale is basically the means of selling a property to a potential buyer at an amount that is way lower than what the homeowner owes in relation to the mortgage of the property. This usually happens when the borrower is having a hard time to pay for the loan that has been made and does not have enough money to pay back the full balance of the loan. You may also see Mortgage Contract Samples.
You have to always take note that a mortgage lender’s approval is always needed when it comes to a short sale. This is because the lender will be receiving a whole lot less than the borrower actually owes on the mortgage.
Properties typically go on short sale because of the fact that the homeowners are having difficulty paying the mortgage and need to move from the property as soon as possible with the intention of ensuring that foreclosure is avoided. You may also see Sample Property Purchase Agreements.
Short sales benefit people such as
- the home seller,
- the buyer,
- the seller’s mortgage lender, and
- other parties involved (listing agent, appraiser’s, brokers, title company, and insurance company).
Building Materials Sales Addendum
Real Estate Sales Addendum
Sales Addendum to Purchase Agreement
What Is a Sales Addendum?
A sales addendum is basically a document that is used whenever a sale occurs. It is a document that is used during sales transactions because it contains details about the following:
1. Contingencies should the contract be canceled or terminated for whatever reason. You may also see Termination Contract Samples.
2. If the bank has approved the sale.
3. The amount of time that the buyer has to wait for the approval of sale (if applicable). You may also see contract samples.
4. The release of the buyer’s deposit.
5. Inspection of the property.
6. The cost that the buyer and seller may be responsible for should the terminated contract be in an early manner.
7. Multiple offers regarding the property if there are any.
Take Note: You want to make sure that you take advice from a real estate professional when it comes to dealing with sales addenda to ensure that the interests of the parties involved will be protected and that the execution process will be carried out properly. You may also see note template.
Sales Addendum Extension Sample Template
Short Sale Addendum to Purchase Agreement
Architecture Sales Addendum
Sections in a Sale Addendum
A sales addendum typically has seven (7) sections.
The first section will clarify the contingency of what has been agreed upon by the parties involved. It will also include the details about the amount of period that the buyer is willing to wait for the approval of the sale. Typically, 45 days will be the default. But short sales will typically take about 30 days to about 4 months to get approved and sometimes even longer. You may also see Sample Sales Contract Agreements.
This is the section where options regarding the inspections and contingencies will reflect. It can either start immediately upon acceptance of the addendum or it can also commence upon short sale approval of the bank statement.
This section will talk about the earnest money deposit slip of the buyer and the two options that the buyer has. Said options are the following:
1. releasing the deposit upon the acceptance of the seller, or
2. withhold the money up until the approval of the short sale.
This section will state that
1. there is no guarantee letter that the bank will approve of the short sale, or
2. the bank may require other offers and choose a different offer.
However, remember that the parties involved can reject the short sale bank’s terms and conditions.
This is the section that will state the costs that the buyer and seller may incur as stipulated in the contract agreement.
This is the section that will state that the seller can continuously show the property to others and send other offers to the bank. This means that if there is a higher offer that the seller approves of, the seller can let the bank know that the highest offer should be considered instead of the one that the seller has signed. You may also see Sample Property Assessments.
This section will let the parties involved know that if they feel the need to ask for professional advice letter regarding how the short sale affects the credit, they can do so.
Sales Addendum Template in PDF
Service Sales Addendum Sample
The Difference: Addendum vs. Amendment
In the real estate world, the usage of the terms addendum and contract amendment gets interchanged a lot. Always remember that there are differences between the two terms. So what is the difference between the two terms?
It is pretty easy to determine the difference between the two actually.
1. To make an amendment means to make a change to the simple contract.
2. To make an addendum means to make an addition to the contract.
Remember that whenever you are making an addendum to a contract, it will be a good idea to include the following statement or a sample statement with the same idea before the signatures prior to contract signing:
“This contract will be deemed not valid if addendum A is not attached.”
This statement ensures that everyone involved with the contract know that there is an addendum to the property sales contract samples and templates.
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