The Addendum To Real Estate Purchase And Sale Agreement serves as a crucial tool in real estate transactions when parties need to modify their original agreement. Common situations requiring this document include price adjustments, timeline changes, property condition updates, or additional contingencies. This addendum must comply with both federal and state-specific real estate laws in the United States, ensuring all modifications are properly documented and legally enforceable. The document becomes an integral part of the original purchase agreement and requires signatures from all involved parties.
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1. Identification of Original Agreement: References the original purchase and sale agreement being modified, including date and parties
2. Parties: Identifies and defines all parties to the original agreement and addendum, including their legal capacity
3. Purpose of Addendum: Clearly states the reason for the modification and its relationship to the original agreement
4. Specific Changes: Details the exact modifications being made to the original agreement, with reference to specific sections being modified
5. Integration Clause: Confirms all other terms of original agreement remain in effect unless specifically modified by this addendum
6. Signatures: Execution block for all parties, including dates and notary requirements if applicable
1. Contingencies: Additional conditions that must be met, such as inspection requirements, financing conditions, or other prerequisites
2. Timeline Modifications: Changes to important dates or deadlines in the original agreement, including closing dates or inspection periods
3. Price Adjustments: Changes to the purchase price, including any modifications to payment terms or scheduling
1. Schedule A - Modified Terms: Detailed list of specific changes to original agreement terms, including before and after language
2. Schedule B - Updated Timeline: Revised dates and deadlines, including any modifications to inspection periods, closing dates, or other time-sensitive matters
3. Schedule C - Price Adjustments: Detailed breakdown of any price modifications, payment terms, and financial arrangements that differ from the original agreement
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