Licensee Buy-Out Addendum To Contract To Buy And Sell Real Estate Form. This is a Colorado form and can be use in Real Estate Statewide.
Tags: Licensee Buy-Out Addendum To Contract To Buy And Sell Real Estate, LB36, Colorado Statewide, Real Estate
No. LB36 - 2 - 19 . LICENSEE BUY - OUT ADDENDUM TO CONTRACT TO BUY AND SELL REAL ESTATE Page 1 of 2 The printed portio ns of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. 1 (LB36 - 2 - 19) (Mandatory 2 - 1 9 ) 2 3 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR 4 OTHER COUNSEL BEFORE SIGNING. 5 6 LICENSEE BUY - OUT ADDENDUM 7 TO CONTRACT TO BUY AND SELL REAL ESTATE 8 9 Date: 10 11 1. ADDENDUM TO CONTRACT TO BUY AND SELL REAL ESTATE. This Licensee Buy - Out Addendum 12 (Addendum) is made part of that Contract to Buy and Sell Real Estate dated (Contract), 13 between Seller and the licensee named below, as Buyer, for the purchase and sale of the Property 14 15 known as No. . 16 Street Address City State Zip 17 18 All terms of this Addendum have the same meaning as the terms set forth in the Contract. This Addendum shall control in the 19 event of any conflict with the Contract to which it is attached, except however, this Addendum is subject to the provisions o f Good 20 Faith ( 247 2 9 ) of the Contract. 21 22 2. PROVISIONS TO BE DELETED. The following provisions of the Contract are hereby deleted: 23 2.1. Section 6.2, Appraisal Condition. 24 2.2. Section 21.1.2, Liquidated Damages , Applicable . 25 2.3. Section 21.2, If Seller is in Default. 26 2.4. Sections 3 2 , 3 3 , 27 28 3. N OTICE. Physical Delivery and Notice ( 247 27.1 ) and Electronic Notice ( 247 27.2 ) are amended as follows: Any notice to 29 Buyer is effective when physically received by or electronically delivered to Buyer, any individual buyer, or any representative of 30 Buyer. An y notice to Seller is effective when physically received by or electronically delivered to Seller, any individual seller, or 31 any representative of Seller. 32 33 4. TERMINATION. The Contract may be terminated at any time by Seller upon written notice to Buyer. Any termination of 34 the Contract does not affect the listing contract for the Property (Listing Contract). 35 36 P ursuant to the Listing Contract, Buyer will submit all offers to Seller received by Buyer prior to Closing. If Seller accepts any 37 offer submitted by Listing Brokerage Firm or Buyer after the expiration of the Listing Contract, then, upon Closing of the resulting 38 contract, the Contract shall automatically terminate and Seller shall pay a sale commission pursuant to the expired Listing 39 Contract. Termina 40 is delivered to Buyer as provided in Transfer of Title ( 247 13 ) of the Contract, the Listing Contract is terminated and no sale 41 commission will be owed. 42 43 5. REIMBURSEMENT. In the event the Contract is terminated by Seller, Seller agrees to immediately reimburse Buyer for all 44 out - of - pocket expenditures incurred by Buyer in anticipation of closing under the Contract in an amount not to exceed $ . 45 46 6. LICENSEE REPRESENTATIONS. Seller acknowledges that Buyer is licensed by the Co lorado Real Estate 47 Commission. Buyer represents that Buyer has sufficient resources to fulfill the Contract, subject to New Loan Review ( 247 5.2 ) of 48 the Contract. Buyer furth er acknowledges that any financial information furnished to Seller or any lender, pursuant to New Loan 49 Application ( 247 5.1 ) and Credit Info rmation ( 247 5.3 ) of the Co ntract, are true and correct as of the date such financial information 50 is furnished to Seller and lender, and Buyer agrees to immediately advise Seller of any adverse material change in the contents of 51 the financial information. 52 53 7. RESALE, PROFIT/LOSS, EXPENSES. Seller acknowledges that in entering into the Contract, Buyer is exposed to 54 possible losses and expenses. Seller acknowledges that following Closing, the Property may be held by Buyer for a period of time 55 or may be resold immediately , and any profit or loss is solely that of Buyer. Seller further acknowledges that there is a chance for 56 pr ofit to Buyer and that certain expenses may accrue to Buyer. Such expenses include costs a nd expenses of Closing, holding and 57 American LegalNet, Inc. www.FormsWorkFlow.com No. LB36 - 2 - 19 . LICENSEE BUY - OUT ADDENDUM TO CONTRACT TO BUY AND SELL REAL ESTATE Page 2 of 2 reselling the Property. Buyer may incur additional expenses, or some anticipated expenses may vary, or may not be incurred. I n 58 any event, after Closing, Buyer will absorb the loss or receive the profit from any sale and ownership of the Property. 59 60 The following Section 8 will only apply if the box is checked: 61 62 8. OTHER PROPERTY. The Contract is made to assist Sell er to purchase and close on that property commonly 63 known as No. (Other Property). 64 If such purchase and closing should not occur, Seller Will Will Not reimburse Buyer for all out - of - pocket expenditures in 65 an amount not to exceed $ incurred by Buyer in anticipation of Closing under the Contract. In such event, Seller 66 will return to Buyer all Earnest Money received by Seller hereunder. Thereupon, Seller and Buyer are relieved of all further 67 obligations under the Cont ract. In the event closing on the Other Property is delayed, the date of Closing on the Property will be 68 extended a like number of days, not to exceed days from the Closing Date (247 3) of the Contract. 69 70 71 Signature Date Date Date Date 72 73 NOTICE TO SELLER : THIS CONTRACT IS BINDING ONLY UPON THE BUYER (LICENSEE) WHO 74 PERSONALLY SIGNS ABOVE, UNLESS T HE SUPERVISING BROKER OF THE BROKERAGE FIRM WORKING 75 WITH SELLER SIGNS HERE: 76 77 78 79 American LegalNet, Inc. www.FormsWorkFlow.com