The House Sale Contingency Addendum serves as a crucial protection mechanism in real estate transactions where buyers need to sell their existing property before completing the purchase of a new one. This document, commonly used throughout the United States, addresses timing requirements, marketing obligations, price parameters for the existing property, and conditions under which either party may terminate the agreement. It must comply with federal regulations such as RESPA and TILA, as well as state-specific real estate laws. The addendum typically includes provisions for continued marketing, potential kick-out clauses, and specific performance timelines.
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1. Parties: Identification of buyer and seller involved in the contingency agreement
2. Background: Reference to primary purchase agreement and reason for contingency
3. Definitions: Key terms used in the addendum including property descriptions, timelines, and relevant dates
4. Sale Contingency Terms: Specific conditions related to the sale of buyer's existing property including price and timing requirements
5. Timeline: Deadlines for selling existing property and closing current transaction
6. Termination Rights: Conditions under which either party may terminate the agreement and consequences of termination
1. Kick-out Clause: Optional provision allowing seller to continue marketing property and accept other offers while giving buyer right of first refusal
2. Bridge Loan Provisions: Optional terms related to temporary financing arrangements if buyer requires bridge financing
3. Extended Closing Terms: Optional provisions for extending closing timeline if needed due to delays in selling buyer's property
1. Property Details Schedule: Detailed description and information about buyer's property to be sold
2. Timeline Schedule: Detailed schedule of key dates and deadlines for the contingency process
3. Marketing Requirements Schedule: Specific requirements and conditions for marketing buyer's existing property
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