The Home Sale Contingency Addendum is commonly used in residential real estate transactions across the United States when buyers need to sell their existing property to purchase a new one. This document protects both buyers and sellers by clearly defining the terms and conditions of the contingency, including specific timelines for the buyer to list and sell their current property, requirements for marketing efforts, and conditions under which either party may terminate the agreement. The addendum typically includes provisions for continued marketing by the seller and potential kick-out clauses, ensuring a balance between the buyer's need to sell their existing property and the seller's interest in maintaining market opportunities.
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1. Identification of Original Contract: References the primary purchase agreement this addendum modifies, including date, parties, and property address
2. Property Description: Details of both the property being purchased and the buyer's property to be sold, including full legal descriptions and addresses
3. Contingency Terms: Specific conditions regarding the sale of buyer's existing property, including price requirements and acceptable terms
4. Timeline Requirements: Deadlines for listing, selling, and closing on buyer's property, including specific dates and durations
5. Termination Rights: Conditions under which either party can terminate the agreement and the process for such termination
1. Kick-Out Clause: Optional provision allowing seller to continue marketing property and accept other offers while maintaining right to give buyer notice to remove contingency or terminate
2. Bridge Loan Provisions: Optional terms related to temporary financing arrangements if buyer requires bridge financing to complete the purchase
3. Extension Options: Optional terms for extending contingency deadlines under specific circumstances or with additional consideration
1. Schedule A - Buyer's Property Details: Complete description of the property buyer needs to sell, including address, legal description, and current market conditions
2. Schedule B - Timeline Milestones: Detailed timeline of required actions and deadlines for the contingency period
3. Schedule C - Required Documentation: List of documents required to demonstrate good faith efforts to sell, including listing agreement, marketing materials, and showing records
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