Bank of America Short Sale Purchase Contract Addendum comprises of two parts Short Sale Purchase Contract Addendum and Short Sale Real Estate Licensee Certification. Read through all the four pages of the form carefully prior to signing and filing it to understand the scope of this document.
Please fill all the required particulars carefully and avoid omissions or strikeouts for legibility. Each involved party in the sale like the seller, buyer, licensee representing seller, and licensee representing buyer must date and sign this form on the respective lines. You must understand the significance of “Arm’s-Length” Transaction in this sale purchase contract and the addendum. Please enter the address of the property subjected to sale carefully and descriptively as and when required in this two-page Bank of America Short Sale Purchase Contract Addendum.
- Please discuss your priorities for vacating the property with other parties involved.
- Please understand that the Bank of America is not the seller of the property, but it is the mortgage lien holder or service for the lien holder.
- The property must be listed on the Multiple Listing Service at a fair listing price to avoid forcible high or low pricing.
- Omission and/or misrepresentation of any/all material fact in this Bank of America Short Sale Purchase Contract Addendum is subject to civil and/or criminal liability.
- The Short Sale Purchase Contract and the Addendum are legally binding on all involved parties and it is in entirety to the sale of the subject property. These documents also supersede all prior understandings, agreements, optional contracts, or negotiations.
Steps To Prepare Bank Of America Short Sale Purchase Contract Addendum
Part I – Short Sale Purchase Contract Addendum
- Enter the date of preparing Short Sale Purchase Contract Addendum on the first line of the Bank of America Short Sale Purchase Contract Addendum.
- Enter first loan number followed by printed names of all sellers on a separate line if more than one seller signs this form.
- Enter second loan number followed by printed names of all buyers on a separate line if more than one buyer signs this form.
- Enter the date of entering into the addendum and the sale purchase contract on the respective lines.
- Enter number of days for vacating property before closing or number of days for vacating the property after the closing in the spaces provided for the same.
- Each buyer and seller must sign on separate lines to complete preparing the part I of the addendum.
Part II – Short Sale Real Estate Licensee Certification
- Enter the date of the Residential Purchase Agreement.
- Enter the property address in the required format.
- Enter seller’s name followed by name of the Real Estate Licensee, buyer, and Real Estate Licensee, representing the buyer in the respective spaces.
- Enter the name of the Licensee Representing Seller followed by date, State License Number, and signature.
- Enter name of the Licensee Representing Buyer followed by date, State License Number, and signature.