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Real Estate Price Change Addendum for the United Kingdom

Real Estate Price Change Addendum Template for United States

A Real Estate Price Change Addendum is a legal document used in United States real estate transactions to modify the originally agreed-upon purchase price of a property. This document serves as an amendment to the existing purchase agreement and must comply with federal, state, and local real estate laws. It formally documents the new agreed price and any related changes to the original contract terms, ensuring all parties acknowledge and accept the modification while maintaining the validity of the original agreement's other terms and conditions.

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What is a Real Estate Price Change Addendum?

The Real Estate Price Change Addendum is utilized when parties to a real estate transaction need to modify the original purchase price after the initial contract has been signed but before closing. This situation may arise due to various factors such as property appraisal results, inspection findings, or negotiation developments. The document is crucial in U.S. real estate transactions as it provides a clear legal record of the price modification while ensuring compliance with state and federal regulations. This addendum helps prevent potential disputes by clearly documenting the new terms and obtaining formal agreement from all parties involved in the transaction.

What sections should be included in a Real Estate Price Change Addendum?

1. Parties: Identification of all parties involved in the original purchase agreement

2. Background: Reference to original purchase agreement including date and property details

3. Definitions: Key terms used in the addendum

4. Price Modification: Clear statement of the new purchase price and the change from original price

5. Effect on Original Agreement: Statement that all other terms of original agreement remain unchanged

6. Signatures: Execution block for all parties

What sections are optional to include in a Real Estate Price Change Addendum?

1. Financing Modifications: Changes to financing terms if price change affects loan terms

2. Closing Date Adjustment: Modified closing date if price change affects timeline

3. Earnest Money Adjustment: Changes to earnest money deposit if applicable

4. Contingency Modifications: Changes to existing contingencies

What schedules should be included in a Real Estate Price Change Addendum?

1. Updated Payment Schedule: Revised payment terms if installment payments are involved

2. Updated Closing Cost Allocation: Revised distribution of closing costs if affected by price change

3. Lender Approval: Documentation of lender's approval of price change if financing involved

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Document Type

Amendment Agreement

Sector

Personal

Cost

Free to use
Clauses



















Industries

Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms in real estate transactions, particularly relevant when price changes affect financing terms

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes and requiring specific disclosures for real estate transactions

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions, must be considered even in price modifications

Equal Credit Opportunity Act: Federal law ensuring equal access to credit regardless of race, color, religion, national origin, sex, marital status, age, or public assistance participation

State Real Estate Laws: State-specific regulations governing real estate transactions, including disclosure requirements and contract modifications

Local Real Estate Regulations: Municipal and county-specific requirements affecting real estate transactions and price modifications

Statute of Frauds: Legal principle requiring real estate contracts and modifications to be in writing to be enforceable

Contract Modification Requirements: Legal requirements for modifying existing contracts, including necessary elements for valid amendments

Documentation Standards: Requirements for proper documentation including original contract reference, clear price modification statements, and signature requirements

Financing Contingencies: Considerations regarding how price changes affect existing financing arrangements and any necessary modifications to loan terms

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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