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COUNTEROFFER ADDENDUM This form approved by the Minnesota Association of REALTORS which disclaims any liability arising out of use or misuse of this form. 2006 Minnesota Association of REALTORS Edina MN 1. Final date to remove all contingencies shall be Closing date shall be Seller agrees to complete all FHA/Lender required repairs not to exceed Seller shall pay Buyer s closing costs prepaids insurance and not to exceed Possession shall be on Other Seller s Signature Date Buyer s Signature...
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How to fill out counteroffer addendum
How to fill out counteroffer addendum
01
Start by reviewing the original offer and identifying the sections that need to be changed or countered.
02
Prepare a new document, often referred to as a counteroffer addendum, that clearly outlines the changes or additions to the original offer.
03
In the counteroffer addendum, include specific details such as revised purchase price, desired closing date, contingency removals, or any other modified terms.
04
Ensure that the counteroffer addendum is clearly labeled and references the original offer document.
05
Both parties involved in the negotiation should review and sign the counteroffer addendum for it to be considered valid.
06
Exchange the counteroffer addendum with the other party's representative or directly with the other party for their review and consideration.
07
Once both parties are in agreement, incorporate the changes outlined in the counteroffer addendum into the original offer document.
08
If any further negotiations or revisions are necessary, continue the process until a final agreement is reached.
09
Ensure that all parties involved receive copies of the final agreed-upon counteroffer addendum for their records.
Who needs counteroffer addendum?
01
Buyers who find certain terms or conditions in the original offer unacceptable may need a counteroffer addendum to propose alternative terms.
02
Sellers who want to negotiate specific changes to the original offer, such as a higher purchase price or revised contingencies, may also need a counteroffer addendum.
03
Real estate agents or brokers acting on behalf of buyers or sellers often use counteroffer addendums as a standard practice during negotiations.
04
Any party involved in a real estate transaction who wishes to modify or counter terms in an offer may benefit from using a counteroffer addendum.
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What is counteroffer addendum?
Counteroffer addendum is a document used to propose changes to the terms of a contract that was previously rejected by the other party.
Who is required to file counteroffer addendum?
The party making the counteroffer is required to file the counteroffer addendum.
How to fill out counteroffer addendum?
To fill out a counteroffer addendum, you need to state the changes you are proposing to the original contract terms and provide all necessary information.
What is the purpose of counteroffer addendum?
The purpose of counteroffer addendum is to negotiate and come to a mutual agreement on the terms of a contract.
What information must be reported on counteroffer addendum?
The counteroffer addendum must include details of the changes being proposed, the parties involved, and any additional terms or conditions.
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