The following additional terms and conditions are hereby included as part of the Contract between Seller and Buyer for the above
referenced Premises. Delivery of all notices and documentation shall be deemed delivered and received when sent as required by
Section 8m of the Contract.
CONTINGENT UPON ACCEPTABLE SHORT SALE AGREEMENT
Buyer and Seller acknowledge that there is more debt owing against the Premises than the purchase price. Therefore, this
Contract is contingent upon an agreement between the Seller and Seller’s creditor(s), acceptable to both, to sell the Premises for
less than the loan amount(s) (“short sale”). Buyer and Seller acknowledge that it may take weeks or months to obtain creditor(s)
approval of a short sale.
Nothing shall limit a Seller from accepting subsequent offers from subsequent buyer(s) and submitting the back-up contract(s) to
Seller’s creditor(s) for consideration. All parties understand and agree that Seller’s creditor(s) may elect to allow the Seller to sell
the Premises only to the holder of the Contract with terms and conditions most acceptable to creditor(s).
DOCUMENTATION TO CREDITOR(S)
Seller shall submit to creditor(s) a copy of this Contract, including this and other Addenda, and any other documentation required by the
creditor(s) for approval of this sale within five (5) days after Contract acceptance. Seller agrees to diligently work to obtain short sale
approval and will promptly provide the creditor(s) with all additional documentation required, including an appraisal, at Seller’s expense,
if required. Seller instructs creditor(s) to provide approval status updates to Broker(s) and Buyer upon request.
TERMS UPON ACCEPTABLE SHORT SALE AGREEMENT
Agreement Notice: If Seller and Seller’s creditors enter into a short sale agreement, the Seller shall immediately deliver notice
to Buyer (“Agreement Notice”).
Time Periods: The date of Seller’s delivery of the Short Sale Agreement Notice to Buyer shall be deemed the date of Contract
acceptance for purposes of all applicable Contract time periods.
Escrow and Earnest Money: Buyer shall promptly open Escrow and deposit Earnest Money as described in the Contract upon
receipt of Agreement Notice.
Seller Warranties: Buyer hereby waives Seller’s warranties as set forth in Lines 172-174 of Section 5a of the Contract that all
listed items shall be in working condition at the earlier of possession or COE. However, Seller warrants and shall maintain and
repair the Premises so that, pursuant to lines 175-176 of the Contract, at the earlier of possession or COE, the Premises, including
all heating, cooling, mechanical, plumbing, and electrical systems (including swimming pool and/or spa, motors, filter systems,
cleaning systems, and heaters, if any), free-standing range/oven, built-in appliances and additional existing personal property
included in the sale, will be in substantially the same condition as on the date of Contract acceptance and all personal property not
included in the sale and all debris will be removed from the Premises.
Close of Escrow: Close of Escrow shall occur thirty (30) days or days after delivery of Agreement Notice.
Creditor Requirements: Buyer and Seller agree to cooperate with Creditor(s) and sign additional Creditor disclosure(s) or execute
additional addendum(a) required by Creditor(s) as a condition of approval of the short sale, provided that Buyer and Seller incur no
additional cost or liability.
BUYER CANCELLATION
Buyer may unilaterally cancel this Contract by notice to Seller at any time before receipt of a short sale Agreement Notice from Seller.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
Page 1 of 2
Short Sale Addendum to the Residential Resale Real Estate
Purchase Contract • Updated: September 2015
Copyright © 2015 Arizona Association of REALTORS
®
. All rights reserved.
Page 1 of 2
>>
SHORT SALE ADDENDUM
TO THE RESIDENTIAL RESALE REAL ESTATE PURCHASE CONTRACT
Seller:
Buyer:
Premises Address:
Date:
1.
2.
3.
4.
LEGAL AND TAX ADVICE
Seller acknowledges that Broker is not qualified to provide financial, legal, or tax advice regarding a short sale
transaction. Therefore, the Seller is advised to obtain professional tax advice and consult independent legal counsel
immediately regarding the tax implications and advisability of entering into a short sale agreement.
(SELLER’S INITIALS REQUIRED)
SELLER SELLER
UNFULFILLED CONTINGENCY
In the event that Seller and Seller’s creditor(s) are unable to reach a short sale agreement acceptable to both, at the sales price
contained herein, Seller shall promptly notify Buyer of same, and the Contract shall be deemed cancelled due to the unfulfilled short
sale contingency. If applicable, Buyer shall be entitled to a return of any Earnest Money.
OTHER TERMS AND CONDITIONS
In the event that any provision contained in this Addendum conflicts in whole or in part with any terms contained in the Contract,
the provisions of this Addendum shall prevail and the conflicting terms are hereby considered deleted and expressly waived by
both Buyer and Seller.
41.
42.
43.
44.
4 5.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
61.
62.
63.
64.
65.
66.
67.
68.
69.
70.
71.
72.
73.
74.
75.
76.
77.
78.
79.
Short Sale Addendum to the Residential Resale Real Estate Purchase Contract >>
Page 2 of 2
Made Fillable by eForms
Purchase Contract • Updated: September 2015
Copyright © 2015 Arizona Association of REALTORS
®
. All rights reserved.
Page 2 of 2
Chrome Web Store
It looks like you haven't installed the Fill Chrome Extension Add to Chrome