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

Description	Details
Current Property Sale Deadline	December 1, 2050
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.
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:

The Buyer shall be entitled to a full refund of any earnest money deposited.
The Seller shall have no further obligations under this Addendum.
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.
Refund Terms	Full earnest money refund if Buyer terminates per Addendum; processed within 10 business days of notice.

6. Additional Provisions

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.
Communication: All notices and communications under this Addendum shall be sent to the Parties at the addresses listed below:

Buyer’s Contact Information:
- [Your Company Name]
- Address: [Your Company Address]
- Email: [Your Company Email]
- Phone: [Your Company Number]
Seller’s Contact Information:
- Name: John Smith
- Address: 101 Pine Lane, Springfield, IL 62701
- Email: [email protected]
- Phone: (555) 987-6543
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.