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CENTRAL VIRGINIA REGIONAL MLS SHORT SALE ADDENDUM TO PURCHASE AGREEMENT ED THIS IS AN ADDENDUM to the Purchase Agreement dated, 20 (the Purchase Agreement), by and between (Seller) and (Purchaser)

How to fill out short sale addendum to

How to fill out a short sale addendum to:

1. Start by reviewing the short sale addendum form thoroughly to understand its purpose and the required information. Make sure you have all the necessary documents and information before proceeding.
2. Begin by filling out the basic details at the top of the addendum, such as the property address, names of the buyer and seller, and the date.
3. The next section typically requires the buyer's acknowledgment of their understanding that the property is being sold as-is, without any warranties or representations from the seller. Read this section carefully and sign where required.
4. If there are any special terms or conditions agreed upon between the buyer and the seller that deviate from the standard terms outlined in the purchase agreement, this is where they should be listed. Clearly state any modifications or additional provisions in this section.
5. In some cases, there may be specific provisions related to any personal property included in the sale. If applicable, list the personal property items to be transferred along with the real estate. Ensure all parties involved are in agreement regarding the inclusion and condition of these items.
6. Provide any additional disclosures required by local, state, or federal regulations. These may include any known defects, environmental hazards, or other pertinent information about the property.
7. Once you have completed all the necessary sections, carefully review the addendum to ensure accuracy and completeness. Double-check all names, addresses, and any special provisions.
8. Have all relevant parties sign and date the addendum. This typically includes the buyer, seller, and real estate agents involved. Each party should retain a copy of the addendum for their records.

Who needs a short sale addendum to:

1. Sellers conducting a short sale: A short sale addendum is often required when a seller is attempting to sell their property for less than the amount owed on their mortgage. This document ensures that all parties involved are aware of the unique circumstances and terms associated with a short sale.
2. Buyers purchasing a property through a short sale: Buyers interested in purchasing a property through a short sale may also need to sign a short sale addendum. This document provides them with important information about the property's condition, any modifications to the standard purchase agreement, and any special provisions agreed upon between the buyer and seller.
3. Real estate agents involved in a short sale transaction: Real estate agents representing either the buyer or the seller in a short sale transaction will also need to be familiar with and assist in completing the short sale addendum. They play a crucial role in ensuring all necessary information is provided and that all parties understand the implications of a short sale.

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