Hello everybody, this is Frank Gray with ABI Realty. I want to do a quick tutorial for you on the addendum for the sale of other property by the 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. 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 the buyer's receipt of proceeds from the sale of the buyer's property at, and here you put the address of the property that the buyer currently owns that must sell. Then you're going to 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 the seller accepts our written offer to sell the property, the seller shall notify the buyer of such acceptance and that the seller requires the buyer to waive the contingency. The buyer must waive the contingency honor before the blank day. Typically, you're going to see second day, third day. I'm representing the buyer, I draft the contract, and I'll typically put the fifth day after the seller's notice to the buyer. So let me explain what this means. We're saying that if the seller, who's continuing to market...
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