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Before TREC even considers a contract form for promulgation, the Broker-Lawyer Committee must identify a real estate transaction requiring a standardized contract. There are six main sales contracts that TREC promulgates.
Document Changes: When changes are made to the original agreement, the Purchase Addendum Form serves as a legal document that documents these changes. It records the parties' mutual agreement on any modifications.
Some leases may give the landlord the right to change certain terms, but this is rare. Consent can be given orally, in writing or by the actions of the other party. However, if an agreement is reached, it is best that it be made in writing, dated, and signed by both parties.
Before TREC even considers a contract form for promulgation, the Broker-Lawyer Committee must identify a real estate transaction requiring a standardized contract. There are six main sales contracts that TREC promulgates.
Description: This Addendum is attached to a contract when another contract has already been executed by the Seller and another Buyer (First Contract). It makes the contract that it is attached to contingent upon the termination of the First Contract.