The Short Sale Addendum is essential in real estate transactions where the sale price won't cover the outstanding mortgage balance. This document, commonly used throughout the United States, supplements the primary purchase agreement by addressing specific requirements and contingencies unique to short sales. It typically includes provisions for lender approval, extended timelines, modified closing conditions, and special termination rights. The addendum helps protect all parties' interests while acknowledging the complexity and uncertainty inherent in short sale transactions.
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1. Parties: Identification of buyer, seller, and current lender(s)
2. Background: Context of the short sale situation and property details
3. Definitions: Key terms used throughout the addendum
4. Lender Approval Contingency: Terms stating the agreement is contingent on lender approval of the short sale
5. Timeline: Expected timeframes for lender response and closing
6. Purchase Price: Agreed purchase price subject to lender approval
1. Commission Modifications: Terms regarding potential commission reductions, used when lender requires commission adjustments
2. Multiple Lender Provisions: Additional terms for cases involving multiple lenders or mortgages on the property
3. Buyer's Right to Terminate: Specific conditions under which buyer can terminate due to extended waiting periods
1. Property Information Schedule: Detailed property description and condition disclosure
2. Lender Documentation Requirements: List of required documents for short sale submission
3. Timeline Schedule: Detailed timeline of key dates and deadlines
Relevant legal definitions
Short Sale
Purchase Price
Lender Approval
Effective Date
Property
Seller's Lender
Short Sale Package
Closing Date
Approval Period
Earnest Money
Purchase Agreement
Contingency Period
Default
Extension Period
Third-Party Approvals
Junior Lienholder
Senior Lienholder
Net Proceeds
Deficiency Balance
Settlement Statement
Termination Notice
Response Period
Material Change
Approval Letter
Release of Liability
Purchase Price
Lender Approval
Effective Date
Property
Seller's Lender
Short Sale Package
Closing Date
Approval Period
Earnest Money
Purchase Agreement
Contingency Period
Default
Extension Period
Third-Party Approvals
Junior Lienholder
Senior Lienholder
Net Proceeds
Deficiency Balance
Settlement Statement
Termination Notice
Response Period
Material Change
Approval Letter
Release of Liability
Clauses
Lender Approval
Contingency
Time Periods
Property Condition
Purchase Price
Seller Cooperation
Buyer Acknowledgment
Default and Remedies
Termination Rights
Commission Adjustments
Closing Conditions
Multiple Lender Provisions
Liability Release
Documentation Requirements
Notice Requirements
Extension Rights
Third-Party Approvals
Representations and Warranties
Modification
Assignment
Good Faith
Earnest Money
Closing Costs
Survival
Contingency
Time Periods
Property Condition
Purchase Price
Seller Cooperation
Buyer Acknowledgment
Default and Remedies
Termination Rights
Commission Adjustments
Closing Conditions
Multiple Lender Provisions
Liability Release
Documentation Requirements
Notice Requirements
Extension Rights
Third-Party Approvals
Representations and Warranties
Modification
Assignment
Good Faith
Earnest Money
Closing Costs
Survival
Relevant Industries
Relevant Teams
Relevant Roles
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