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“Click yellow areas for information SHORTS ALE AMENDMENT/ADDENDUM (to Deposit Receipt and Contract for Sale and Purchase) This amendment to the Deposit Receipt and Contract for Sale and Purchase
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How to fill out short sale addendum
How to fill out short sale addendum?
01
Review the addendum form: Start by carefully reading the short sale addendum form provided by your lender or real estate agent. Understand the purpose and the specific requirements outlined in the addendum.
02
Gather necessary information: Collect all the relevant documents and information required for the addendum. This may include details such as property address, loan information, seller's contact information, buyer's information, and any other specific details requested in the form.
03
Complete seller's section: Fill out all the required fields in the seller's section of the addendum form. This may include providing information about the property's current condition, any outstanding liens or encumbrances, and any disclosures required by law.
04
Complete buyer's section: If applicable, fill out the buyer's section in the addendum form. This typically involves providing the buyer's contact information, financial details, and any additional provisions or contingencies related to the purchase.
05
Add any necessary addendum terms: If there are any additional terms or agreements that need to be included in the addendum, make sure to list them clearly. These may include special conditions regarding repairs, closing dates, or the release of certain contingencies.
06
Seek professional advice, if needed: If you are unsure about any aspect of filling out the addendum or have legal questions, consult with a real estate attorney or seek advice from a real estate professional familiar with short sales.
Who needs a short sale addendum?
A short sale addendum is typically required in real estate transactions where the property is being sold for less than the outstanding mortgage balance. This addendum is necessary to outline the specific terms and conditions of the short sale, addressing any discrepancies or additional provisions that may arise due to the unique nature of the transaction. Both the seller and the buyer involved in a short sale transaction may need to sign the addendum to acknowledge their agreement and abide by its terms.
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What is short sale addendum?
Short sale addendum is a supplementary document added to a real estate sales contract when the property is being sold for less than the amount owed on the mortgage.
Who is required to file short sale addendum?
The seller, buyer, and lender are typically required to file a short sale addendum.
How to fill out short sale addendum?
Short sale addendum is typically filled out with information about the property, sale price, terms of the sale, and any special agreements between the parties.
What is the purpose of short sale addendum?
The purpose of a short sale addendum is to outline the specific terms and conditions of the sale, especially in the case of a property being sold for less than the amount owed on the mortgage.
What information must be reported on short sale addendum?
Information such as the property address, sale price, closing date, and any special agreements between the parties must be reported on a short sale addendum.
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