Buy the property that is under lease from the potential seller after preparing an earnest money contract
Would you like to prepare an addendum to earnest money contract agreement? Then you either have to hire a professional and experienced attorney or download a professional earnest money contract form from online and prepare yourself. Generally, this agreement is prepared by the seller who would like to sell the property that is under lease to the buyer. This agreement has to be thoroughly read by the buyer and seller after which both the parties have to sign for agreement acceptance along with date. In this addendum to earnest money contract, the seller has to include when the copies of the current leases property have to be delivered to the potential buyer. So, after receiving these papers, the buyer will have a couple of days’ time to go through the lease terms and approve it. In case, if the buyer does not agree to the terms mentioned in the lease, then he/she does not sign the contract.
Most importantly, the security deposits that are kept near the seller by the tenant would be transferred to the present buyer’s account. Moreover, the buyer will be liable to the security deposits of the tenant and ensure that the seller is no responsible for any of the security deposits. In addition, the seller has to intimate their tenants about the property being sold to another person and they have to tell their tenants about their security deposits being transferred to the current owner of the property and they can collect them after the termination of the lease period. Generally, these points have to be included in the contract paper clearly. Moreover, you need to prepare these papers without any legal jargons and without missing crucial points. This contract paper would stand as a concrete proof in case of any conflicts between the previous owner and current owner in the near future.
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