Purchase And Sale Contract For Residential Property
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1Addendum VIII
Purchase and Sale Contract for Residential Property
This Is A Legally Binding Contract. If Not Fully Understood,
We Recommend Consulting An Attorney Before Signing.
Addendum to the Contract for the Purchase and Sale of Real Estate
Dated: ________________ between ________________________________________ as Purchaser
and _____________________________________________ as Seller. Regarding property located at
__________________________________________________________________________________
.
Sale Contingency
This contract is contingent upon Purchaser securing a contract for the sale of his property located at:
__________________________________________________________________________________
no later than
_______________________
. If Purchaser is unable to obtain a contract for the sale of
Purchaser’s property by such date, then either Purchaser or Seller may cancel this contract by written
notice to the other.
Seller may continue to market the property during the term of the sale contingency, and if Seller
receives another acceptable purchase offer. Seller shall notify Purchaser in writing, that Seller wants to
accept the other offer and Purchaser will then have three (3) full calendar days after receipt to remove
this sale contingency by written notice to the Seller. If Purchaser does not remove this contingency
after receiving notice from the Seller, Purchaser’s rights under this contract shall end, and Seller shall
be free to accept the other purchase offer and Purchaser’s deposit shall be returned. Purchaser may not
remove this contingency by such notice to Seller if Purchaser’s mortgage loan commitment requires
the sale and closing of his property as a condition of the mortgage lender disbursing the mortgage loan
proceeds, unless Purchaser also waives the financing contingency provision of this contract.
If the Purchaser removes this contingency and then fails to close, the down payment is forfeited, and
Seller may also pursue other legal rights Seller has against the Purchaser.
All notices set forth above shall include a copy of the signed offer.
Purchaser: ____________________________________________ Date: _____________________
Purchaser: ____________________________________________ Date: ____________________
Seller: ________________________________________________ Date: ____________________
Seller: ________________________________________________ Date: ____________________
Page _______ of _______
Initials: Purchaser: ________ Seller_________
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