The Price Reduction Addendum To The Listing Agreement is utilized when market conditions, property assessment, or seller circumstances necessitate a reduction in the original listing price. This document is essential in the United States real estate market to maintain accurate documentation of price modifications and ensure compliance with real estate regulations. The addendum typically includes the original listing agreement details, the new reduced price, effective date of the change, and confirmation that all other terms remain unchanged. It provides legal protection for both the seller and the real estate agent while ensuring transparency in the property listing process.
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1. Parties: Identification of seller and listing agent/broker
2. Background: Reference to original listing agreement and reason for price reduction
3. Definitions: Key terms used in the addendum
4. Price Modification: Statement of new listing price and effective date
5. Original Agreement Confirmation: Statement that all other terms of original listing agreement remain in effect
6. Signatures: Execution by all parties
1. Marketing Strategy Adjustments: Optional section for changes to marketing approach due to price reduction, included when marketing strategy needs modification
2. Commission Adjustments: Optional section for changes to commission structure, included when commission terms are being modified with price reduction
3. Duration Extension: Optional section for extension of listing agreement term, included when listing period is being extended alongside price reduction
1. Original Listing Agreement: Copy of the original listing agreement being modified
2. Updated Property Information Sheet: Modified property information reflecting new price
3. Market Analysis: Optional supporting documentation justifying price reduction
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