Final answer:
A Licensee Buy-Out Addendum does not typically include a clause stating that the agreement is binding regardless of the licensee's plans to keep the property as an investment. Standard clauses include seller and buyer identification, financial risk, and acknowledgment of licensing.
Step-by-step explanation:
A Licensee Buy-Out Addendum typically contains various clauses that set out the terms of the agreement between the seller and the buyer, who is also a real estate licensee. The following clauses are generally included:
- The agreement is between Seller and the licensee named on said addendum as Buyer.
- Following closing, the Buyer is exposed to possible losses or profits, indicating that they are taking on the financial risks and benefits associated with property ownership.
- The Seller acknowledges that the Buyer is licensed by the appropriate real estate authority, in this case, the Colorado Real Estate Commission.
However, one statement that would NOT be included in such an addendum is a clause stating that the agreement is binding for all parties whether the licensee plans to keep the property as an investment or not. The inclusion of a statement of intent concerning what the licensee plans to do with the property post-closing is generally not relevant to the contractual obligations and rights detailed in a buy-out addendum.