Knowledebase Tag: Addendum for Sale of Other Property by Buyer
- Should the agents’ information be inserted in Paragraph 21 of the TREC contracts as the points of contact to receive notices?
- My buyer received written notice by the seller that he requires my client to waive her contingency on the sale of her current property or the contract will terminate, as stated in the addendum. Everything is on track with the sale of her current property, so she decided to waive the contingency and gave timely written notice using Notices Regarding Contingency Under Addendum for Sale of Other Property by Buyer (TAR 1912). Now, the seller wants my client to provide proof that the she can obtain her loan even if the sale of her current property doesn’t happen before our closing. Can the seller force my client to do this?
- My buyer client’s Addendum for Sale of Other Property by Buyer gives him three days after receiving notice from the seller that she has accepted another offer to waive the contingency or his contract will automatically terminate. The contract also contains a 10-day termination option for my client. Two days after the effective date, the seller notified my client that she accepted another offer. Does my client have to waive the contingency within the three-day period, or does he have until the end of the option period to waive the contingency? And if my client waives the contingency, can he still terminate under the option within the 10-day period?
- If a buyer waives the contingency under the Addendum for Sale of Other Property by Buyer, then can’t close, does she get the earnest money back?
- A seller is under contract to sell his property. The Addendum for Sale of Other Property by Buyer is attached to the contract. A second buyer makes an offer. Should the Addendum for Back-Up Contract be used when negotiating the second offer?
