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This document serves as an addendum for buyers and sellers involved in a short sale transaction, acknowledging the terms and conditions of such a sale, including the acknowledgment of potential shortfalls and the responsibilities of both parties in obtaining necessary approvals from creditors.
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How to fill out short sale addendum
How to fill out short sale addendum
01
Title the document as 'Short Sale Addendum'.
02
Include the date of the agreement.
03
Identify all parties involved in the transaction (seller, buyer, and lenders).
04
Clearly state the reason for the short sale.
05
Include terms and conditions of the short sale agreement.
06
Specify the sale price and how it will be distributed.
07
Add a clause regarding the approval of the sale by the lender.
08
Include any contingencies that must be addressed before the sale can proceed.
09
Ensure all parties sign and date the addendum.
Who needs short sale addendum?
01
Homeowners looking to sell their property for less than the outstanding mortgage balance.
02
Buyers interested in purchasing a property through a short sale.
03
Real estate agents involved in short sale transactions.
04
Lenders who are reviewing the short sale offer.
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What is short sale addendum?
A short sale addendum is a legal document that outlines the terms and conditions of a short sale transaction, which occurs when a property is sold for less than the amount owed on the mortgage.
Who is required to file short sale addendum?
The seller of the property and the buyer are typically required to file the short sale addendum as part of the short sale process.
How to fill out short sale addendum?
To fill out a short sale addendum, both parties must provide details such as the sale price, any liens on the property, and any other conditions agreed upon for the short sale transaction.
What is the purpose of short sale addendum?
The purpose of the short sale addendum is to clearly define the terms of the sale and protect the rights of both the buyer and the seller during the short sale process.
What information must be reported on short sale addendum?
The short sale addendum must report information including the property's current mortgage balance, the proposed sale price, any outstanding liens, and the parties involved in the transaction.
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