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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 go back to the buyer and say you have five days or however many days we put in this blank to remove the contingency what you're going to say then is we're going to buy that property even if we don't sell our property now when you get this notice and you have five days or three days to remove the contingency and you can't or unwilling to remove the contingency then you can simply withdraw from the contract and cancel it but if you want to proceed you'll have to remove the contingency within the number of days specified in paragraph B paragraph C buyer may waive the contingency only by notifying seller of the waiver and depositing X amount of dollars with the escrow agent as additional earnest money now buyers often balk at this because they've already paid an earnest money deposit this says if they remove the contingency they have to make another deposit why is that think of it from the sellers perspective the buyer told them we need to sell this home in order to buy yours now you're telling us the buyer telling the sellers that you can buy our home even.