Get the free Short Sale Purchase Contract Addendum - NorthstarMLS
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Short Sale Purchase Contract Addendum Dated: st ND Bank of America 1 Loan No.: Bank of America 2 Loan No.: Seller: Buyer: Print name Seller: Print name Buyer: Print name Seller: Print name Buyer:
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How to fill out short sale purchase contract
How to fill out a short sale purchase contract:
01
Review the contract: Start by carefully reading and understanding the terms and conditions of the short sale purchase contract. Familiarize yourself with the specific requirements and obligations outlined in the agreement.
02
Gather necessary information: Collect all the relevant information required to complete the contract accurately. This may include personal details of both the buyer and seller, property specifics, purchase price, terms of payment, contingencies, and any additional provisions.
03
Consult with professionals: Seek guidance from a real estate agent or attorney experienced in short sales. They can provide valuable insights, explain legal implications, and assist in filling out the contract correctly.
04
Complete the contract sections: Begin by entering the date and location of the contract. Fill in the buyer's and seller's names, addresses, contact information, and legal representation details, if applicable.
05
Describe the property: Provide a thorough description of the property being purchased. Include the address, square footage, number of rooms, lot size, and any unique features or amenities.
06
Specify the purchase price and terms: Clearly indicate the agreed-upon purchase price for the property. Outline the terms of payment, including any deposit or down payment, financing details, and the expected closing date.
07
Address contingencies and disclosures: Identify any contingencies that must be met before the sale can be finalized. Common contingencies include property inspections, loan approval, title search, and appraisal. Additionally, include any required disclosures, such as potential defects, known liens, or other pertinent information about the property.
08
Add any additional provisions: If there are any specific terms or conditions unique to the sale, include them in this section. This can include agreements regarding repairs, seller credits, or any other negotiated terms.
09
Sign and date the contract: Ensure that all parties involved in the transaction sign and date the contract. This includes both the buyer and seller, as well as their legal representatives, if applicable.
Who needs a short sale purchase contract?
01
Homebuyers: Buyers interested in purchasing a property through a short sale transaction will need a short sale purchase contract. This legally binding agreement outlines the terms and conditions of the sale and protects the rights and interests of both the buyer and seller.
02
Homeowners in financial distress: Homeowners facing foreclosure or financial hardship often opt for a short sale to avoid foreclosure and minimize the impact on their credit. For the homeowner, a short sale purchase contract is necessary to document the sale and ensure a smooth transition of ownership.
03
Real estate agents and attorneys: Real estate professionals and legal representatives involved in short sale transactions must also be familiar with and use short sale purchase contracts. This ensures that they accurately represent their clients' interests and comply with all legal requirements.
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What is short sale purchase contract?
A short sale purchase contract is a contract between a seller and a buyer where the seller sells a property for less than what is owed on the mortgage.
Who is required to file short sale purchase contract?
The seller of the property is required to file the short sale purchase contract.
How to fill out short sale purchase contract?
The short sale purchase contract can be filled out by entering the necessary information such as the property address, purchase price, and terms of the sale.
What is the purpose of short sale purchase contract?
The purpose of a short sale purchase contract is to outline the terms and conditions of the sale of a property in a short sale transaction.
What information must be reported on short sale purchase contract?
The short sale purchase contract must report the property address, purchase price, terms of the sale, and any other relevant information.
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