Spotlight on Contracts & Forms

Posted on: November 14th, 2016 by Andrew Clark No Comments

CABR has a library of contract clauses and more than 40 contracts, forms and guides available for use by CABR members.

Contingent Sales Addendum Without Notice:

This addendum is to be used when a buyer must sell their current home in order to purchase another home. It provides protection for the buyer in relieving them from being obligated to close on the purchase if they do not sell their current home, as well as, being able to waive the contingency, if desired. The form also acknowledges that the seller continues to have the right to market the real estate and to entertain additional offers. With this addendum, the seller does not have an obligation to give the buyer notice or the opportunity to remove the contingency in the event they receive another offer they would like to accept. If the seller accepts another offer, the first contract is terminated and the seller is to provide a Notice of Termination to the buyer. The listing is not required to be changed to “Pending” status in MLS, when this addendum is used until the buyer provides the seller with notice that they have entered into a contract to sell their current home. Note: If the new contract accepted by the seller also contains a sales contingency, additional terms apply.

You can view the form by signing in at www.cabr.org.