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Fillable trec Form: What You Should Know
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Video instructions and help with filling out and completing Fillable Trec Form
Instructions and Help about Fillable Trec Form
Hello everybody this is Frank gray with ABI Realty want to do a quick tutorial for you on the addendum for sale of other property by buyer this is what's commonly known as the contingency addendum the form that's used when you're representing a buyer and they're making an offer contingent upon the sale of their current home so let's just run through it very quickly first of all it says this is an addendum to the contract concerning the property at and this is where you insert the address information of the home that they're making an offer on paragraph a this contract is contingent upon buyers receipt of proceeds from the sale of buyers property at and here you put the address of the property that the buyer currently owns that must sell then you're gonna put in the date upon which it is scheduled to sell or if it's not under contract already you want to put a date in there on or before the closing date of the proposed purchase because you're saying to the sellers we need the proceeds from the sale of that property in order to buy yours so this date needs to be honored before that closing date paragraph B if seller accepts our written offer to sell the property seller shall notify buyer of such acceptance and that seller requires buyer to waive the contingency buyer must waive the contingency honor before the blank day typically you're gonna see second day third day I'm representing the buyer I draft the contract I'll typically put fifth day after sellers notice to buyer so let me explain what this means we're saying that if the seller who's continuing to market their property if they receive another offer that they're interested in accepting they'll...