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Main Purpose
The advantage of this type of sale to the seller is that it is less harmful to their credit, as they can evade the negative impact of foreclosure and possible bankruptcy. The form will require the seller and purchaser’s information, the number of days in which the seller has to provide the buyer with the bank’s approval, and the number of days from the time of delivering the notice that the closing must occur.
After inserting all the essential details, both the seller(s) and buyer(s) must sign the addendum on the indicated lines. (This is to be included with the real estate purchase agreement executed for the transfer of the property.)
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