Short Sale Addenda

Property Address:______________________________________________
Buyer(s):______________________________________________________
Seller(s):_______________________________________________________

Notwithstanding anything contained herein ... the contrary, Buyer ... Seller hereby acknowledge ... agree that this Contract shall not be effective ... binding upon either party until such time as written notice has been delivered ... and subsequently acknowledged by a written statement of acceptance (the "Statement of Acceptance") by ... parties of (a) ... Seller's lenders(s) and/or other lien holder(s) (collectively, ... "Lender") approval of ... purchase price, terms of ... Contract ... the HUD-1 settlement statement, ... (b) ... Lender's agreement ... accept a payoff which ... less than ... balance due ... the loan ... other indebtedness.

The Effective Date of ... Contract shall be ... date ... which ... last party signs ... Statement of Acceptance. Prior ... the Effective Date, Buyer ... Seller shall have no duties ... obligations ... each other under ... Contract, ... Buyer acknowledges that Seller may actively market ... Property ... other prospective purchasers, including listing ... Property ... the Multiple Listing Service.

Buyer acknowledges that ... Lender ... not a party ... the Contract ... therefore ... not obligated ... approve ... Contract ... to effectuate a short sale involving ... Contract after approving ... Contract ... its terms. Buyer further acknowledges that ... Contract shall be contingent upon Lender's release ... satisfaction of ... mortgage(s) and/or other lien(s) upon receipt of discounted payoff amount(s), ... that Seller ... not liable for delays caused by Lender ... costs ... expenses incurred by Buyer under ... Contract if Lender does not complete ... short sale after Lender approves ... same.
Buyer_________________________________________ Date_______________
Seller_________________________________________ Date_______________


Autor: Axel Weiss, a@weih.cjb.net 

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