what is an addendum in real estate

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An addendum is adocument you add to your real estate contract. It contains contract terms that weren present in the standardized contract forms. Here are some common amendments to add to your offer on a home: 1

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  • What is an addendum to a real estate purchase contract?

  • An addendum to real estate purchase contract is an addition to a real estate agreement that outlines modifications or additions to the original contract. An addendum can include changes to the closing date, purchase price, or inspections, among other things.

  • What is the difference between an addendum and an amendment?

  • The same is true of any addendums. Unlike an addendum, which is added on to the purchase and sale agreement prior to the contract being signed, an amendment is an additional term added in after the agreement and contract have been executed.

  • Can a party make changes to an addendum to a contract?

  • These addendums must get mutual consent from all parties involved to be established as an addendum. One party cannot make changes to the original contract on their own. Below is a list of common sections included in Addendums To Real Estate Purchase Contract. These sections are linked to the below sample agreement for you to explore. Exhibit 10.2

  • When can addenda be used in a real estate contract?

  • The contract laws and common boilerplate contracts used by real estate agents differ by state. However, when addenda are allowed, and they almost always are, they can be used for almost any purpose to clarify and require agreement on items not a part of the main contract.

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