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SHORT SALE CONTINGENCY ADDENDUM This form approved by the Minnesota Association of REALTORS, which disclaims any liability arising out of use or misuse of this form. 2011 Minnesota Association of

How to fill out short sale contingency addendum

How to fill out short sale contingency addendum?

1. Start by obtaining a copy of the short sale contingency addendum form. This form is typically provided by the buyer's agent or can be found on the website of the respective real estate association.
2. Carefully read through the entire addendum to understand its contents and implications. It is crucial to have a clear understanding of the terms and conditions stated in the addendum before filling it out.
3. Begin by filling out the basic information section of the addendum, including the names of the buyer and seller, the property address, and the date.
4. Next, review any specific contingencies mentioned in the addendum, such as the required approval from a third party (e.g., the lender or mortgage company). If any additional documents or information are needed to fulfill these contingencies, make a note to gather them.
5. Provide additional details, such as the desired closing date and any earnest money or deposit amounts required. Ensure that all financial terms mentioned in the addendum are accurately filled out.
6. If there are any special agreements or provisions agreed upon between the buyer and seller, ensure they are properly documented in the addendum. This may include agreements related to repairs, inspections, or any other aspect of the transaction.
7. Carefully review the language and wording of the addendum to make sure it accurately reflects the intentions and agreements between the parties involved. Double-check for any typos or errors before finalizing the document.
8. Once all the necessary information has been filled out, both the buyer and seller should review and sign the addendum. It is advisable to have a real estate attorney or agent review the completed addendum to ensure compliance with local laws and regulations.

Who needs a short sale contingency addendum?

1. Buyers who are purchasing a property through a short sale process. A short sale occurs when a homeowner sells their property for less than the outstanding mortgage balance, with the permission of the lender.
2. Sellers who are selling their property through a short sale process. By using a short sale contingency addendum, sellers can protect themselves from potential liabilities or risks associated with the sale.
3. Lenders or financial institutions involved in the short sale process may also require the use of a short sale contingency addendum to ensure that all parties involved are aware of the specific terms and conditions associated with the transaction.

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