An addendum is a thing to be added; an addition. For example, it may be used to add supplemental terms or conditions to a contract or make corrections or supply omissions to a document. An addendum is often used to supply additional terms to standardized contracts, such as leases. Addendum is singular; the plural form is addenda.
Arizona Addendum to Contract for Sale and Purchase of Real Property
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Multi-State
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US-03209BG
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How to fill out Addendum To Contract For Sale And Purchase Of Real Property?
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As it's legally binding too, an addendum can alter any terms of the contract and conditions contained in the original agreement. In essence, it lets you add something new to a pre-existing contract without changing the status of the legal document.
For example, ?This Addendum amends the Agreement dated [DATE] between [PARTY 1 NAME] and [PARTY 2 NAME].? Clear and specific language outlining the changes, clarifications or additions being made. This should leave no ambiguity regarding how the original contract is being modified.
Common addendums include contingencies such as home inspections or the sale of the buyer's house, as well as including certain items, like furniture.
Addendums to purchase and sale agreements are often changes to closing dates, inspection periods, or pricing. These addendums must obtain agreement from both parties to go into effect and modify the original contract.
The addendum should detail all the terms different from the original purchase agreement: changes, alterations, deletions, and additions the document is making to the original contract. Furthermore, the addendum should reference the specific section or provision number in the contract affected by the change.
An Arizona rent-to-own lease agreement is a rental contract that includes an option to purchase the property under pre-negotiated terms. During the lease, the tenant will have all rights under State law. If the tenant exercises their option to buy, the lease should be converted to a purchase agreement.
The addendum should detail all the terms different from the original purchase agreement: changes, alterations, deletions, and additions the document is making to the original contract. Furthermore, the addendum should reference the specific section or provision number in the contract affected by the change.
An addendum is used to clarify and add things that were not initially part of the original contract or agreement. Think of addendums as additions to the original agreement (for example, adding a deadline where none existed in the original version).