The Addendum To Remove Buyer From Purchase Contract is utilized when one or more buyers need to be removed from an existing real estate purchase agreement while keeping the contract active for remaining parties. This situation commonly arises in cases of divorce, partnership dissolution, or when a co-buyer becomes unable or unwilling to proceed with the purchase. The document ensures compliance with state-specific real estate laws and federal regulations while addressing crucial elements such as earnest money disposition, remaining party obligations, and liability releases. It's particularly important in maintaining clear title and lending requirements in U.S. real estate transactions.
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1. Parties: Identification of all parties involved in the original contract and the modification
2. Background: Reference to original purchase contract and reason for buyer removal
3. Definitions: Key terms used in the addendum
4. Removal Statement: Clear statement of buyer being removed from contract
5. Remaining Obligations: Statement of continuing obligations of remaining parties
6. Effective Date: When the removal becomes effective
1. Earnest Money Disposition: Instructions for handling earnest money deposits when earnest money has been deposited
2. Release of Liability: Mutual release of claims between removed buyer and other parties when explicit release is needed
3. Loan Modifications: Changes to financing arrangements when financing terms need to be modified due to buyer removal
1. Original Purchase Contract: Copy of the original contract being modified
2. Proof of Notice: Documentation of notice provided to all parties as required by original contract terms
3. Lender Consent: Written consent from lender when property is subject to financing
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