The General Addendum (Real Estate) serves as a crucial tool in U.S. real estate transactions when modifications to an original agreement become necessary. It's commonly used when parties need to adjust terms, dates, prices, or conditions in an existing contract without creating an entirely new agreement. This document must adhere to both federal regulations (such as the Fair Housing Act and RESPA) and state-specific property laws. It's particularly valuable when circumstances change during a transaction, requiring formal documentation of modifications while preserving the original contract's integrity.
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1. Parties: Identification of all parties to the addendum and original agreement
2. Background: Reference to original agreement and reason for addendum
3. Definitions: Key terms used in the addendum
4. Modifications: Specific changes to the original agreement
5. Effect on Original Agreement: Statement that all other terms remain in full force and effect
6. Execution: Signature blocks and date
1. Additional Terms: New terms not covered in original agreement - use when introducing completely new provisions
2. Price Adjustments: Changes to original purchase price - use when modifying financial terms
3. Timeline Modifications: Changes to dates and deadlines - use when adjusting scheduling elements
4. Property Modifications: Changes to property description or included items - use when modifying property details
1. Schedule A - Modified Terms: Detailed list of specific modifications to original agreement
2. Schedule B - Updated Property Description: Revised or updated property description including any modifications
3. Schedule C - Revised Payment Terms: Modified financial terms and payment schedules if applicable
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