ADDENDUM NO. TO PURCHASE AGREEMENT In reference to the Purchase Agreement executed by as Buyer(s) and as Seller(s), dated covering the real property at , the Buyer Seller hereby proposes that the
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Today we're going to go over the addendum to purchase agreement sale of buyers property contingency this form is used when you have a backup home that is actually going to be on the market while you're making a purchase agreement on with another property so they're your buyers are selling their backup home and in this one it will identify on line seven here that the property is either currently listed with keller williams or will be listed within X amount of days with the broker and the seller shall have the right to continue to offer the property until this contingency is removed so there's no timeline on this anymore like the previous forms which would actually expire after a certain date this is in place until the cellar or the buyer removes his contingency and online tenant identifies that the seller may remove this contingency at any time so they could reason remove it if they felt that it hindered their marketability of the property or if there was another offer that actually came in so to demand removal of this contingency seller shall delivered a buyer or licensee representing or assisting by a written notice demanding removal of this contingency and the written notice is there's no longer a form so it's a written notice that could be in the email format could be a letter um it could be delivered in such a way I would recommend that you would print it off and have a buyer if it was the seller removing this that the seller would sign that form at removing it you could send the email but it would have more force I believe if you actually had it's signed by the seller and there'd be no confusion when a buyer removal of contingency they would actually give to the seller or sell or licensee representing seller but not later than X amount of business days after receipt of written notice from seller so this seller demanded removal of the contingency and the buyer has a time frame to now perform so that could be it could be two business days it might be three business days but you no longer are done identifying it as ours so you might get by with seven business days but that might be a stretch but then they're delivering to seller a true copy of a valid purchase agreement fully signed for the buyers property that is not contingent upon anything other than financing and that has a closing date lot later than the closing date in the purchase agreement that you were doing with this particular seller if buyer enters into a valid purchase agreement for the sale of buyers property as defined herein buyer shall remove this contingency as specified in this addendum so the buyer has to remove this contingency if they receive a valid purchase agreement on the backup home and if the backup home is a townhome there may be and it would be an issue with that ten-day right of rescission to get through to remove this contingency on this other property also if there's an inspection that still needs to be done on that backup property that would need to be done...