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Short Sale Addendum To The Oklahoma Uniform Contract of ...

Short Sale Addendum To The Oklahoma Uniform Contract of ... 2026

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The document is a Short Sale Addendum to the Oklahoma Uniform Contract of Sale of Real Estate, outlining terms and conditions for a real estate transaction where the sale is contingent upon a short sale agreement between the seller and their creditors. It details the responsibilities of both parties, including cooperation with creditors, timelines for notifications and closing, potential foreclosure implications, and legal advice recommendations. The addendum emphasizes that it supersedes conflicting terms in the main contract.

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Click ‘Get Form’ to open it in the editor.
Begin by filling in the Seller and Buyer information at the top of the form. Ensure that you accurately enter the names as they appear on official documents.
Next, specify the property address where indicated. This is crucial for identifying the subject of the contract.
Review Section 1 regarding short sale contingencies. Confirm that both parties understand that this contract is contingent upon lender approval for a sale below the owed amount.
In Section 6, indicate how many days after receiving an Agreement Notice closing will occur. If left blank, it defaults to thirty (30) days.
Complete signature fields at the bottom of the document for both Buyer and Seller, ensuring all parties sign and date appropriately.

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What is the addendum to a short sale listing?

A document that confirms that the property is being sold as a short sale. It must be clear that another party is also overseeing the transaction (the lender). A declaration that the addendum is only binding once the third party has accepted the terms of the agreement.

What is a sps addendum?

Updated March 06, 2025. A short sale addendum is intended for a seller of real estate that owes more money on the property than its worth.

What is a key provision in every short sale addendum?

Your addendum needs to contain several short-sale documents. These should include: The written agreement of all relevant parties. A document that confirms that the property is being sold as a short sale. It must be clear that another party is also overseeing the transaction (the lender).

How to write an addendum to a real estate contract?

A closing date extension addendum is an agreement between the buyer and seller of a property to extend the closing date of their purchase agreement. Once executed by all parties, the addendum is attached to the original purchase contract to include the new date on which the ownership will be transferred.

What is a sale addendum?

An addendum is an additional document that is attached to your purchase contract. It plays an important role in clarifying and/or modifying an agreements initial terms and conditions.

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What is the purpose of the short sale addendum?

If your state or local Association of REALTORS, or your broker, provides a short sale addendum, use it in any counteroffer you make. It is designed to protect the seller against liability to the buyer in the event the lender disapproves the short sale.

Short Sale Addendum To The Oklahoma Uniform Contract of ... 2026

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