Sale of Buyers Property Addendum
Sale of Buyers Property Addendum
This Sale of Buyer’s Property Addendum (the “Addendum”) is made and entered into as of the 9th day of August 2050, by and between [Your Company Name] (“Buyer”) and John Smith (“Seller”), collectively referred to as the “Parties.”
1. Purpose
This Addendum is intended to make the purchase of the property located at 123 Maple Street, Springfield, County of Clark, State of Illinois (the “Property”) contingent upon the successful sale and closing of the Buyer’s current property located at 456 Oak Avenue, Springfield, County of Clark, State of Illinois (the “Current Property”).
2. Contingency Clause
The obligation of the Buyer to complete the purchase of the Property is contingent upon the successful sale and closing of the Current Property on or before December 1, 2050 (the “Contingency Date”). If the Current Property does not close by the Contingency Date, the Buyer shall have the right to terminate this agreement by providing written notice to the Seller. Upon such termination, all deposits and earnest money paid by the Buyer shall be refunded in full.
3. Timeline and Conditions
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Description |
Details |
|---|---|
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Current Property Sale Deadline |
December 1, 2050 |
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Notice of Sale Status |
Buyer must notify Seller of the status of the sale of the Current Property within 5 business days of executing this Addendum. |
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Extension Request |
Buyer may request a one-time extension of up to 15 days by providing written notice to the Seller at least 5 business days before the Contingency Date. |
4. Termination Rights
In the event that the Buyer’s Current Property does not close by the Contingency Date, the Buyer may terminate this Addendum by delivering written notice to the Seller. The termination notice must be delivered no later than 5 business days following the Contingency Date. Upon such termination:
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The Buyer shall be entitled to a full refund of any earnest money deposited.
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The Seller shall have no further obligations under this Addendum.
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The Buyer and Seller will be released from any further liability or obligation under the purchase agreement.
5. Financial Terms
|
Description |
Details |
|---|---|
|
Earnest Money Deposit |
$10,000, payable within 3 business days of signing this Addendum. |
|
Additional Deposit |
If applicable, any additional deposits or adjustments will be specified in a separate written agreement. |
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Refund Terms |
Full earnest money refund if Buyer terminates per Addendum; processed within 10 business days of notice. |
6. Additional Provisions
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Documentation Requirements: The Buyer agrees to provide the Seller with copies of the listing agreement, purchase agreement, and closing documents related to the sale of the Current Property upon request. These documents must be provided within 5 business days after the request.
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Communication: All notices and communications under this Addendum shall be sent to the Parties at the addresses listed below:
Buyer’s Contact Information:
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[Your Company Name]
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Address: [Your Company Address]
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Email: [Your Company Email]
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Phone: [Your Company Number]
Seller’s Contact Information:
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Name: John Smith
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Address: 101 Pine Lane, Springfield, IL 62701
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Email: john.smith@email.com
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Phone: (555) 987-6543
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Legal Compliance: This Addendum shall be governed by and construed in accordance with the laws of the State of Illinois. Any disputes arising under this Addendum shall be resolved in the courts of Clark County, Illinois.
7. Execution
IN WITNESS WHEREOF, the Parties hereto have executed this Sale of Buyer’s Property Addendum as of the day and year first above written.
Buyer:
[Your Company Name]
By: [Your Name]
Title: Managing Broker
Seller:
By: John Smith
Title: Seller
For any inquiries or additional information, please contact [Your Email].
This Addendum includes all necessary details, ensuring clarity on the terms and conditions related to the sale of the Buyer’s property.
