NVAR – K1344 – rev. 01/16 Page 1 of 4 Seller: / Buyer: /
CONTINGENCIES/CLAUSES ADDENDUM
This Addendum is made on , to a sales contract (“Contract”) offered on ,
between (“Buyer”) and
(“Seller”) for the
purchase and sale of Property:
The following provisions if initialed by the parties are incorporated into and made a part of this
Contract:
1. CONTINGENCIES
A. SALE OF BUYER’S PROPERTY AND KICK-OUT This Contract is contingent until
9 p.m. Days after Date of Ratification (“Deadline”) upon the sale of
Buyer’s property located at
(“Buyer’s Property”). If Buyer does not satisfy, amend or remove
this contingency by the Deadline pursuant to sub-paragraph 3 below, this Contract will
become void.
1) Seller may continue to offer Property for sale and accept bona fide back-up offers to
this Contract until this contingency is satisfied or removed. If a back-up offer is
accepted, Seller will Deliver Notice to Buyer requiring that this contingency be
removed or satisfied pursuant to sub-paragraph 3 below not later than 9 p.m.
Days after Delivery of Notice or this Contract will become void. If Buyer fails to
satisfy or remove the contingency by Deadline, this Contract will become void.
2) Buyer’s Property will be listed exclusively and actively marketed by a licensed real
estate broker and entered into a multiple listing service within Days after the
Date of Ratification at a price not to exceed $ .
3) Buyer may:
a. Satisfy this contingency by Delivering to Seller a copy of the ratified contract for
the sale of Buyer’s Property with evidence that all contingencies, other than
financing and appraisal, have been removed or waived by Deadline OR
b. Remove this contingency by Delivering to Seller (1) a letter from the lender
stating that the financing is not contingent in any manner upon the sale and
settlement of any real estate or obtaining a lease of any real estate and that Buyer
has sufficient funds available for the down payment and closing costs necessary to
complete Settlement; OR (2) evidence of sufficient funds available to complete
Settlement without obtaining financing.
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NVAR – K1344 – rev. 01/16 Page 2 of 4 Seller: / Buyer: /
4) If Buyer satisfies the requirements of sub-paragraph 3.a. above, this Contract will
remain contingent upon the settlement of the sale of Buyer’s Property. This paragraph
will survive the satisfaction of the contingency for the sale of Buyer’s Property.
Settlement (under this Contract) may not be delayed more than Days after the
Settlement Date (specified in this Contract) without the parties’ written consent.
Seller will OR will not accept an assignment of funds. If a further delay is
required to obtain coinciding settlements, Buyer may at Buyer’s option declare the
Contract void in writing. Nothing herein shall prohibit the parties from mutually
agreeing to extend Settlement Date under terms acceptable by both parties. If at any
time after Date of Ratification the contract for the sale of Buyer’s Property becomes
void, Buyer will immediately Deliver Notice to Seller together with evidence of such
voiding, at which time either Seller or Buyer may declare this Contract void by
Delivering Notice to the other party.
B. SETTLEMENT OF BUYER’S PROPERTY Settlement of this Contract is contingent
upon the settlement of the contract for the sale of Buyer’s property located at
(“Buyer’s Property”). Settlement (under this
Contract) may not be delayed more than Days after Settlement Date
(specified in this Contract) without the parties’ written consent. Seller will OR will
not accept an assignment of funds. If a further delay is required to obtain coinciding
settlements Buyer may at Buyer’s option declare the Contract void in writing. Nothing
herein shall prohibit the parties from mutually agreeing to extend Settlement Date under
terms acceptable by both parties. . If at any time after the Date of Ratification the contract
for the sale of Buyer’s Property becomes void, Buyer will immediately Deliver Notice to
Seller together with evidence of such voiding, at which time either Seller or Buyer may
declare this Contract void by Delivering Notice to the other party.
C. CONTINGENT ON THE SELLER PURCHASING ANOTHER HOME This
Contract is contingent until 9 p.m. Days after Date of Ratification (“Deadline”)
to allow Seller to identify another home for purchase. This contingency will terminate at
Deadline and this Contract will remain in full force and effect unless Seller delivers
Notice, prior to Deadline, to Buyer that this Contract is void.
D. GENERAL This Contract is contingent until 9 p.m. Days after Date of
Ratification (“Deadline”) upon:
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NVAR – K1344 – rev. 01/16 Page 3 of 4 Seller: / Buyer: /
2. CLAUSES
A. BACK-UP CONTRACT This Contract is first back-up to another contract dated
between Seller and
as Buyer.
This Contract becomes the primary contract immediately upon Notice from Seller that the
other contract is void. All deadlines contained in this Contract shall be measured from
Date of Ratification OR date this Contract becomes primary. Additionally,
Settlement Date will be Days after the date this Contract becomes primary.
Buyer may void this back-up Contract at any time by Delivering Notice to Seller prior to
Delivery of Notice from Seller that this Contract has become the primary contract. If the
other contract settles, this Contract will become void. The rights and obligations of the
parties under the primary contract are superior to the rights and obligations of the parties
to this back-up Contract.
B. “AS IS” PROPERTY CONDITION The following terms in this Contract are hereby
amended (check all that apply):
All clauses pertaining to delivery of Property free and clear of trash and debris and
broom clean are deleted
Buyer assumes responsibility for compliance with all laws and regulations regarding
smoke detectors
All clauses pertaining to termites and wood-destroying insects are deleted
All clauses pertaining to Seller’s compliance with all orders or notices of violation of
any county or local authority are deleted
All requirements for Seller to comply with Property Owners’ or Condominium
Owners’ Associations notices of violations related to the physical condition of
Property are deleted
C. UNREPRESENTED SELLER OR BUILDER AND BUYER’S BROKER Upon
Seller’s irrevocable instruction, it is understood and agreed by all parties that
(Cooperating Broker’s name) of
(Cooperating Broker’s firm)
is acting as an agent solely representing Buyer in this transaction (“Buyer’s Broker”).
Seller agrees to pay Buyer’s Broker a payment of $ in cash OR
% of the total sales price. Settlement Agent is hereby irrevocably
directed to deduct Buyer’s Broker fee from Seller’s proceeds of the sale at Settlement.
The parties acknowledge that Buyer’s Broker relationship was disclosed to Seller and/or
Seller’s agent prior to showing Property to Buyer.
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NVAR – K1344 – rev. 01/16 Page 4 of 4
D. 1031 EXCHANGE (BUYER) Property is being acquired to complete an IRC Section
1031 tax-deferred exchange pursuant to an exchange agreement. This Settlement will be
coordinated with
,
(“Intermediary”), who shall instruct Seller as to the manner Property shall be conveyed to
Buyer. There shall be no additional expense to Seller as a result of the exchange and
Seller shall cooperate with Buyer and Intermediary in the completion of the exchange.
E. 1031 EXCHANGE (SELLER) Seller and Buyer agree to transfer Property by utilizing
an IRC Section 1031 tax-deferred exchange. Buyer agrees to cooperate with Seller, at no
expense or liability to Buyer, in the completion of the exchange, including execution of
all necessary documents, the intention of the parties being that Seller utilizes Section
1031 to defer taxes by acquiring like-kind real estate through an exchange agreement
established at Settlement. The parties will execute all necessary documents as
determined by Intermediary at Settlement, which documents are prepared at Seller’s
expense.
Except as modified by this Addendum, all of the terms and provisions of this Contract
are hereby expressly ratified and confirmed and will remain in full force and effect.
SELLER: BUYER:
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Date Signature Date Signature
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Date Signature Date Signature
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Date Signature Date Signature
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Date Signature Date Signature
© 2016 Northern Virginia Association of REALTORS
®
, Inc.
This is a suggested form of the Northern Virginia Association of REALTORS
®
, Inc. (“NVAR”). This form has been
exclusively printed for the use of REALTOR
®
members of NVAR, who may copy or otherwise reproduce this form in
identical form with the addition of their company logo. Any other use of this form by REALTOR
®
members of
NVAR, or any use of this form whatsoever by non-members of NVAR is prohibited without the prior written consent
of NVAR. Notwithstanding the above, no REALTOR
®
member of NVAR, or any other person, may copy or
otherwise reproduce this form for purposes of resale.
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