Com
mprehens
sive Ride
er to the
Res
sidential Contractt For Sale
e And Purrchase
THIS FORM HAS BE
EEN APPROVE
ED BY THE FLO
ORIDA REALTO
ORS AND THE FLORIDA BAR
R
If inittialed by all parties,
p
the clauses
c
below
w will be incorp
porated into th
he Florida Rea
altors®/Florid
da Bar Reside
ential Contract
For S
Sale And Purc
chase between __________
___________
___________
___________
____________
___________
___ (SELLER
R)
and ___________
___________
___________
___________
____________
___________
___________
___________
____ (BUYER)
concerning the Prroperty descriibed as ____
___________
____________
___________
___________
___________
____________
_
____
____________
___________
___________
___________
____________
___________
___________
___________
____________
_
er’s Initials
Buye
__________
__
______
______
Sellerr’s Initials
__________
__
_______
____
G. SHO
ORT SALE APPROVAL
A
C
CONTINGENC
CY
1.
A
Approval of Seller’s
S
Lend
der(s) and Re
equirements
s for Seller’s Approval off Short Sale. This Contracct is contingen
nt
u
upon: (a) Seller’s lender(s
s) and all othe
er lien holderr(s) (collective
ely “Seller’s L
Lender”) apprroving the Pu
urchase Price
e,
tterms of this Contract and the HUD-1
1 settlement statement; ( b) Seller’s Lender’s agre
eement to acccept a payofff
w
which is less than the bala
ance due on the
t loan or other indebtedn
ness; and (c)) Seller’s Lend
der’s agreem
ment to release
e
a
and provide a satisfaction of the mortga
age(s) and/orr other lien(s)) encumbering
g the Propertty (the “Mortg
gage(s)”) upon
n
rreceipt of redu
uced payoff amount(s).
a
A
Approval of, or agreemen
nt to, items (a)
( through (c)
( by Seller’’s Lender is referred to as “Short Sa
ale Approval””.
H
However, an approval by Seller’s
S
Lende
er which does
s not provide a waiver and
d complete re
elease of anyy claim(s) for a
d
deficiency ag
gainst Seller for sums du
ue Seller’s Lender under the Mortgag
ge(s) as of tthe payoff date, or which
h
rrequires addittional terms or
o obligations
s affecting eitther party sha
all not be dee
emed “Short Sale Approvval” unless the
e
p
party affected
d accepts those additional terms or obligations in w
writing. A copyy of a Short S
Sale Approva
al accepted by
y
S
Seller shall be delivered by
b Seller to Buyer
B
and Clo
osing Agent within 3 dayss of Seller’s receipt of succh Short Sale
e
A
Approval.
2.
A
Application for
f Approva
al of Short Sale.
S
Seller shall
s
within _
__________ ((if blank, 10) days after E
Effective Date
e
o
obtain from Seller’s
S
Lende
er their applic
cation forms for a “short sale”, and Seller will dilig
gently comple
ete and return
n
ssuch forms to
o Seller’s Len
nder within 5 days thereaffter and prom
mptly provide such additio
onal documen
nts as may be
e
rrequested by Seller’s Lend
der.
3.
S
Status of Short Sale App
proval Applic
cation. Sellerr hereby auth
horizes Sellerr’s Lender to provide Buye
er and Buyer’s
B
Broker and Closing
C
Agent with informa
ation stating th
he status of S
Seller’s appliccation for app
proval of a S
Short Sale and
d
n
notice of the approval(s) or
o denial(s) of
o such applic
cation(s). Se ller shall prom
mptly notify B
Buyer when Seller obtains
S
Short Sale Ap
pproval as pro
ovided in Para
agraph 1 above, or denial of such appro
oval from Seller’s Lender.
4.
S
Short Sale Approval
A
De
eadline; Term
mination. If Seller does not deliver w
written notice
e to Buyer th
hat Seller has
s
o
obtained Short Sale Appro
oval within __
_________ (iff blank, then 90) days from Effective D
Date (“Short S
Sale Approva
al
D
Deadline”), th
hen either parrty may therea
after terminatte this Contra
act by delivering written no
otice to the other party, and
d
tthe Deposit will
w be refund
ded to Buyerr, thereby relleasing Buye
er and Seller from all furtther obligatio
ons under this
s
C
Contract.
T
This Contractt shall autom
matically term
minate if Seller has not d
delivered the
e Short Sale Approval to Buyer within
n
_
___________
__________ (if
( blank, then
n 120) days from Effectivve Date (“Con
ntract Expirattion Date”), in
n which even
nt
tthe Deposit shall
s
be refun
nded to Buye
er, thereby re
eleasing Buye
er and Sellerr from all furtther obligatio
ons under this
C
Contract.
5.
T
Time Periods
s. The time for making th
he Initial Dep
posit and forr calculating tthe Short Sa
ale Approval Deadline and
d
C
Contract Expiration Date shall be computed from the
e Effective Da
ate. All other ttime periods a
and other obliigations unde
er
tthis Contract shall
s
commen
nce from the date
d
of Buyerr’s receipt of S
Short Sale Ap
pproval pursu
uant to Paragrraph 1 above.
(SEE CONTINUATIO
ON)
C
e Rider to the Residential
R
Con
ntract For Sale
e And Purchase
e
Page ________ of Comprehensive
CR-1 Rev. 6/10 © 20
010 Florida Realtors® and The Florida Bar. All rig
ghts reserved.
G. SHORT SALE APPROVAL CONTINGENCY (CONTINUED)
6.
Closing Date. The Closing Date shall be ____________________ (if blank, then 45) days after Buyer receives
Short Sale Approval pursuant to Paragraph 1 above.
7.
Back-up Offers. (CHECK ONE - If no option is checked, then option (a) shall be deemed selected):
(a) Seller’s Agreement Not to Accept Other Contracts or Offers. During the term of this Contract, Seller shall
not accept or enter into any back-up offers, contracts, options or other agreements concerning the sale of the
Property.
(b) Seller’s Right to Accept Back-up Contracts or Offers. During the term of this Contract, Seller may accept
or enter into bona fide “back-up” contracts or offers to purchase the Property that are conditioned upon a failure of
the Closing of the sale contemplated by this Contract.
8.
Acknowledgement by Seller.
(a) If Seller is advised of Seller’s Lender’s refusal to participate in any short sale, Seller agrees to immediately
communicate this to Buyer and Broker.
(b) Seller acknowledges that Broker has advised Seller to consult with professionals for any tax, legal or specialized
advice and has been encouraged to discuss other options with legal counsel of Seller’s choosing prior to entering
into this short sale transaction.
9.
Acknowledgement by Buyer.
(a) Buyer acknowledges Seller’s Lender is not a party to this Contract and therefore is not obligated to approve
this Contract; that Seller’s acceptance of this Contract does not guarantee Seller’s Lender’s acceptance; and
Seller’s Lender is under no obligation to consider, respond, approve or advise either Seller or Buyer, or Broker
as to any offer submitted to it.
(b) Buyer further acknowledges that Seller and/or Broker shall not be liable for delays caused by Seller’s Lender or
costs and expenses (such as payments for loan applications, inspections and appraisals) incurred by Buyer under
this Contract if Seller’s Lender does not complete the short sale after Seller’s receipt of Short Sale Approval.
10. Termination Upon Foreclosure Sale. If during the term of this Contract, the Property is sold at foreclosure sale prior
to the parties obtaining Short Sale Approval and Closing the transaction contemplated by this Contract, this Contract
shall be terminated, and Buyer shall be refunded the Deposit, thereby releasing Buyer and Seller from all further
obligations under this Contract.
Page ________ of Comprehensive Rider to the Residential Contract For Sale And Purchase
CR-1 Rev. 6/10 © 2010 Florida Realtors® and The Florida Bar. All rights reserved.