CONTRACT ADDENDUM
Addendum to contract dated ____________________, 20_____________
Property Address: ____________________________________
Seller(s) ____________________________________
Buyers(s) ____________________________________
Notwithstanding anything to the contrary in the attached contract, the parties
agree
as follows:
EARNEST MONEY
The buyer's earnest money shall be held in escrow by agent of buyer's choice.
Upon
default of this agreement, seller shall retain earnest money as his sole remedy
without
further resource between the parties.
SELLER FINANCING
In the event of of any Seller financing, the promissory Note to be executed by
the Buyer
shall have no personal resource against the borrower.
EXISTING LOAN
In the event part of the purchase price is to be satisfied by buyer taking
subject to
existing financing, buyer shall not be required to pay fees exceeding
$______________
nor be required to show income or credit worthinness to the holder of said
mortgage or
deed of trust. Seller expressly agrees and understands that buyer is taking the
property
"subject to" such mortgage or deeds of trust, and is not expressly assuming
responsibility
for the underlying loans. If the actual loan balance of said loan is less than
as stated
herein, the purchase price shall be reduced to reflect the difference; If the
actual loan
balance is more than as stated herein, then buyer's required cash payment shall
be reduced
accordingly. Seller agrees to waives tax and insurance escrows held by said
lender or its
assigns.
The buyer may extent the closing date an additional THIRTY (30) days by paying
the seller
$__________ in cash. Buyer reserves the right to do a final "walk through" the
day of closing.
POSSESSION
Seller shall surrender possession to the property in broom clean condition, and
free of all personal
items and debris on or before ________________, 20_____. (possession date) In
the event possession
is not delivered at closing, buyer shall withhold proceeds from the sale in the
amount of
$______________ as security. Seller shall be liable for damages in the amount of
$_______ per day
for each day the property is occupied beyond the possession date. This paragraph
shall survive the
closing of title.
EXECUTION IN COUNTERPARTS
This agreement may be executed in counterparts and by facsimile signatures. This
agreement shall
become effective as of the date of the last signature.
INSPECTION
This agreement is subject to the final inspection and approval of the property
by the buyer in writing
on or before ________________, 20_______.
ACCESS
Buyer shall be entitled a key and be entitled to access to show partners,
lenders, inspectors and/or
contractors and/or contractors prior to closing. Buyer may place an appropriate
sign on the property
prior to closing for prospective tenants and/or assigns.
_____________________________ _________________________
Seller Date
_____________________________ __________________________
Buyer Date
_________________________________________________________________________________________
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