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Get the free short sale addendum - Arizona Association of REALTORS

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SHORT SALE ADDENDUM TO THE RESIDENTIAL REAL ESTATE PURCHASE CONTRACT Premises Address: The following additional terms and conditions are hereby included as part of the contract between Seller and
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01
To fill out a short sale addendum, follow these steps:
02
Read the addendum thoroughly to understand its purpose and implications.
03
Provide the necessary information in the designated fields, such as the property address, buyer and seller details, and any additional information required.
04
Consult with your real estate agent or attorney for any specific instructions or clauses that need to be included in the addendum.
05
Review the addendum for accuracy and completeness before signing and submitting it.
06
Make copies of the completed addendum for your records and provide a copy to all parties involved in the short sale transaction.

Who needs short sale addendum?

01
A short sale addendum is typically needed by sellers who are in the process of selling their property through a short sale. A short sale occurs when the proceeds from the sale are not sufficient to cover the outstanding loan balance, and the lender agrees to accept a lower amount to release the lien on the property. In such cases, the seller may be required to complete a short sale addendum to outline the terms and conditions of the sale, including any provisions related to the lender's approval and forgiveness of the remaining debt.
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A short sale addendum is a document that is added to a real estate contract to address specific conditions related to a short sale transaction.
The seller's real estate agent or attorney is typically responsible for filing the short sale addendum.
The short sale addendum should be filled out with all relevant details regarding the short sale transaction, such as the sale price, terms, and conditions.
The purpose of the short sale addendum is to provide clarity and documentation of the specific conditions that apply to a short sale transaction.
Information such as the sale price, terms of the sale, and any special conditions related to the short sale transaction must be reported on the short sale addendum.
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